Order No. 2010-031

In The Matter Of:
Euro Casa De Cambio, Inc.
and
Flor I. Nolasco, As President & Chief Financial Officer of
Euro Casa De Cambio, Inc.
El Paso, Texas

Before The Banking Commissioner of Texas
Austin, Travis County, Texas

Agreed Order

On this day, the matter of Euro Casa De Cambio, Inc. (“Euro”) and Flor I. Nolasco, as President and Chief Financial Officer of Euro Casa De Cambio, Inc. located in El Paso, Texas, was submitted to me, Charles G. Cooper, Banking Commissioner of the State of Texas (“Commissioner”), for consideration and action.

  1. Euro is currently operating a currency exchange business within the meaning of the Texas Finance Code, Chapter 151, in Texas at 6403 Alameda, El Paso, Texas 79905. Flor I. Nolasco is the President and Chief Financial Officer of Euro. These parties are hereinafter referred to as Respondents.

  2. Respondents were informed about their right to an administrative hearing under Texas Finance Code, Chapter 151.

  3. The Texas Department of Banking (“Department”) is the appropriate state agency to bring this enforcement action pursuant to Texas Finance Code § 151.101; and the Department has jurisdiction over Respondents and the subject matter of this proceeding. The Commissioner has the authority to issue this Agreed Order (“Order”) pursuant to Texas Finance Code § 151.706, and to assess administrative penalties pursuant to Texas Finance Code § 151.707.

  4. Flor I. Nolasco is the President and Chief Financial Officer of Euro and is duly authorized to enter into this Order on behalf of the Respondents.

  5. On April 8, 2010, Emergency Order to Cease and Desist No. 2010-022 (“Cease and Desist Order”), was issued by the Deputy Commissioner and the Cease and Desist Order was not appealed by Respondents and is now final.

  6. Upon receipt of the Cease and Desist Order, Respondents promptly filed an application for license under Chapter 151.

  7. This Order will be effective and final upon issuance by the Department. Any violation of this Order could subject the Respondents to additional regulatory or enforcement actions authorized by Texas Finance Code § 151.701.

  8. For purposes of this proceeding, the Respondent waives:

    1. Service upon Respondent of this Order;

    2. The right to present defenses to the allegations;

    3. A hearing to take evidence on the allegations;

    4. The filing of proposed Findings of Fact and Conclusions of Law;

    5. The issuance of a Proposal for Decision by an Administrative Law Judge;

    6. The filing of exceptions and briefs with respect to such Proposal for Decision; and

    7. Judicial review of the Agreed Final Order as provided by Texas Government Code.

  9. Respondents waive their rights to a hearing and agree to this Agreed Final Order, with representatives of the Legal Division of the Department.

  10. Respondents agree to this Order and the administrative penalty stated herein solely for the purpose of this proceeding, and without admitting or denying any violations of law or regulations. Respondents consent to the issuance of this Order by the Commissioner and the Department to dispose of this matter pursuant to the provisions of Tex. Gov't Code Ann. § 2001.056.

  11. The Commissioner considered the matter and believes that Respondents violated Texas Finance Code, Chapter 151.

  12. Respondents have engaged in the unauthorized and unlicensed conduct of a currency exchange business in Texas since 2006 in violation of the provisions of the Texas Finance Code § 151.502.

Order

It is, therefore, ORDERED, ADJUDGED and DECREED that:

  1. In accordance with the Texas Finance Code §§ 151.502 and 151.702, Respondents agree not to engage in the business of currency exchange in Texas, unless they have obtained the required license pursuant to Chapter 151.

  2. Respondents will immediately pay $5,000 to the Department as an administrative penalty under Texas Finance Code § 151.707 for operating an unlicensed currency exchange business in Texas since 2006.

Effective Dates

This Order against Respondents is effective on the date signed by the Commissioner, and subject to its terms, Respondents may not appeal.

Signed on this 3rd day of June, 2010.

/s/ Charles G. Cooper            
Charles G. Cooper
Banking Commissioner of Texas

AGREED AS TO FORM AND SUBSTANCE:

/s/ Flor I. Nolasco                  
Flor I. Nolasco
President and Chief Financial Officer
Euro Casa De Cambio, Inc.
6403 Alameda
El Paso, Texas 79905

APPROVED AS TO FORM:

/s/ Robert Giddings                 
Robert Giddings                                  
Assistant General Counsel     
Texas Department of Banking
2601 North Lamar Blvd.
Austin, Texas 78705