First Atlantic Auto Credit LLC - Order-Revocation - (24BK005)

STATE OF RHODE ISLAND

DEPARTMENT OF BUSINESS REGULATION DIVISION OF BANKING 1511 PONTIAC AVENUE, BUILDING. 68-2 CRANSTON, RHODE ISLAND 02920

IN THE MATTER OF:

FIRST ATLANTIC AUTO CREDIT, LLC DBR No. 24BK005

RESPONDENT

NOTICE OF DEFICIENCY AND DEFAULT ORDER OF REVOCATION

The above-named respondent (Respondent) is licensed in Rhode Island, Nationwide Multistate License System (NMLS) # 1468287 and Rhode Island License # 20163293LL as identified below:

• Currency Transmitter
• Loan Broker
• Lender
• Third Party Loan Servicer
• Check Casher
• Small Loan Lender

Pursuant to R.I. Gen. Laws § 19-14-14(b), this Notice of Deficiency is to inform Respondent of revocation without hearing for:

• Failure to pay annual license fee
• Failure to maintain in effect the required bond or bonds
• Failure to maintain net worth requirements

This notice is being sent, in writing, to respondent and to Corporation Service Company, as registered attorney for service at their current respective addresses according to records of the Division of Banking (Division).

Pursuant to R.I. Gen. Laws § 19-14-14(b), failure of Respondent to respond within fifteen days of this notice will result in a revocation of license by default without hearing.

Unless on or before March 15, 2024, the Division receives:

• Annual license fee payment(s)
• Sufficient information to confirm bond or bonds
• Sufficient information to confirm net worth requirements

this notice will self-execute as the final Revocation of License as of the below date of final default.

Upon the date of final default, Respondent’s license(s) shall be deemed revoked pursuant to R.I. Gen. Laws § 19-14-14(a). Accordingly, the Respondent shall immediately cease and desist from engaging in any activity requiring licensure under the revoked license(s)

NOTICE PURSUANT TO R.I. GEN. LAWS § 42-35-12

THIS ORDER CONSTITUTES A FINAL ORDER OF THE DEPARTMENT OF BUSINESS REGULATION, BANKING DIVISION, PURSUANT TO RHODE ISLAND GENERAL LAWS TITLE 42, CHAPTER 35. FINAL AGENCY ACTIONS ARE GENERALLY APPEALABLE TO THE SUPERIOR COURT WITHIN THIRTY (30) DAYS OF THE DATE OF THE ACTION BY FILING A PETITION FOR REVIEW OF SAID COURT.

Elizabeth Kelleher Dwyer Superintendent of Banking Rhode Island Department of Business Regulation

DATE OF ISSUANCE: MARCH 1, 2024 DATE OF FINAL DEFAULT: MARCH 15, 2024

CERTIFICATION OF SERVICE FOR DATE OF NOTICE OF DEFICIENCY

I hereby certify that a copy of this Notice of Deficiency and Default Order of Revocation was sent by email and certified mail to the following addresses:

FIRST ATLANTIC AUTO CREDIT, LLC 54 Amaral Street, Riverside, RI 02915 91 7108 2133 3934 8882 4590

and

Corporation Service Company 222 Jefferson Blvd., Ste. 200, Warwick RI 02888 91 7108 2133 3934 8882 4606

CERTIFICATION OF SERVICE FOR DATE OF REVOCATION

I hereby certify that a copy of this Notice of Deficiency and Default Order of Revocation was sent by email and certified mail to the following addresses:

FIRST ATLANTIC AUTO CREDIT, LLC 54 Amaral Street, Riverside, RI 02915 91 7108 2133 3934 8882 4972

and

Corporation Service Company 222 Jefferson Blvd., Ste. 200, Warwick RI 02888 91 7108 2133 3934 8882 4989