Consent Agreement and Order: FirstBike Motorsports Inc.

# COMMONWEALTH OF PENNSYLVANIA
## DEPARTMENT OF BANKING AND SECURITIES

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**COMMONWEALTH OF PENNSYLVANIA:**
**DEPARTMENT OF BANKING AND**
**SECURITIES, COMPLIANCE OFFICE**

**v.**

**FIRSTBIKE MOTORSPORTS INC.**

**DOCKET NO. 25 0041 (BNK-CAO)**

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## CONSENT AGREEMENT AND ORDER

The Commonwealth of Pennsylvania, acting through the Department of Banking and Securities (“Department”), Compliance Office (“Office”) has reviewed the business practices of FirstBike Motorsports Inc. (“FirstBike”) and its officers, employees, and directors. Based on the results of its review, the Office concludes that FirstBike operated in violation of the Consumer Credit Code (“CCC”) as it relates to motor vehicle sales finance, 12 Pa. C.S. § 6201 *et seq*. The parties to the above-captioned matter, in lieu of litigation, hereby stipulate that the following statements are true and correct in the settlement of the above-captioned matter and, intending to be legally bound, hereby agree to the terms of this Consent Agreement and Order (“Order”).

### BACKGROUND

1. The Department is the Commonwealth of Pennsylvania’s administrative agency authorized and empowered to administer and enforce the CCC.

2. FirstBike’s principal place of business is located at 701 New Castle Road, Butler, Pennsylvania 16001.

#### Unlicensed Period

3. Anyone engaging in the business of an Installment Seller of motor vehicles under installment sale contracts shall be licensed by the Department. 12 Pa. C.S. § 6211(a)(1).

4. The Department licensed FirstBike as an Installment Seller, license number 66011, through September 30, 2025.

5. FirstBike failed to timely submit a license renewal application.

6. Under the CCC, installment sellers must submit a yearly renewal license application to the Department at least fifteen days prior to October 1 of each year. 12 Pa. C.S. § 6216.

7. The Department cancelled FirstBike’s license effective October 1, 2025. Pa. C.S. § 6211(b)(2).

8. From in or about October 1, 2025, to November 7, 2025, FirstBike engaged in the installment sales business.

9. FirstBike applied for an installment seller license with the Department on November 6, 2025. The Department granted FirstBike an installment seller license, license number 117723, on November 7, 2025.

#### Authority of the Department

10. The CCC grants the Department the authority to issue orders as may be necessary for the enforcement of the CCC. 12 Pa. C.S. § 6203(a)(5).

11. Section 6274 of the CCC provides that “[a] person required to be licensed under this chapter that violates this chapter, directs a violation of this chapter or engages in an activity for which a license could be suspended or revoked under section 6218 (relating to revocation or suspension of license) shall be subject to a civil penalty levied by the department of not more than $2,000 for each offense.” 12 Pa. C.S. § 6274.

### VIOLATION

12. FirstBike violated Section 6211(a)(1) of the CCC when it engaged in the business of an Installment Seller while unlicensed. 12 Pa. C.S. § 6211(a)(1).

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## RELIEF

13. **Fine.** FirstBike agrees to pay a fine of one thousand five hundred dollars ($1,500) due within thirty (30) days of the Effective Date of the Order as defined in paragraph 20 below. The fine payment shall be made through the Department portal at https://www.portal.dobs.pa.gov.

## FURTHER PROVISIONS

14. **Consent.** FirstBike hereby knowingly, willingly, voluntarily, and irrevocably consents to the entry of this Order pursuant to the Department’s order authority under the CCC and agrees that it understands all of the terms and conditions contained herein. FirstBike, by voluntarily entering into this Order, waives any right to a hearing or appeal concerning the terms, conditions and/or penalties set forth in this Order.

15. **Consumer’s Rights.** This Order shall not limit or impair any consumer’s rights under CCC. 12 Pa. C.S. § 6236.

16. **Publication.** The Department will publish this Order pursuant to its authority in Section 302.A.(5) of the Department of Banking and Securities Code. 71 P.S. § 733-302.A.(5).

17. **Entire Agreement.** This Order contains the whole agreement between the parties. There are no other terms, obligations, covenants, representations, statements, conditions, or otherwise, of any kind whatsoever concerning this Order. This Order may be amended in writing by mutual agreement by the Office and FirstBike.

18. **Binding Nature.** The Department, FirstBike, and all officers, owners, directors, employees, heirs and assigns of FirstBike intend to be and are legally bound by the terms of this Order.

19. **Counsel.** This Order is entered into by the parties upon full opportunity for legal advice from legal counsel.

20. **Effectiveness.** FirstBike hereby stipulates and agrees that the Order shall become effective on the date that the Office executes this Order (“Effective Date”).

21. **Other Enforcement Action.**
    a. The Department reserves all of its rights, duties, and authority to enforce all statutes, rules and regulations under its jurisdiction against FirstBike in the future regarding all matters not resolved by this Order.
    b. FirstBike acknowledges and agrees that this Order is only binding upon the Department and not any other local, state, or federal agency, department or office regarding matters within this Order.

22. **Authorization.** The parties below are authorized to execute this Order and legally bind their respective parties.

23. **Counterparts.** This Order may be executed in separate counterparts and by facsimile or electronic format.

24. **Titles.** The titles used to identify the paragraphs of this document are for the convenience of reference only and do not control the interpretation of this document.

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**WHEREFORE**, in consideration of the foregoing, including recital paragraphs, the Department of Banking and Securities, Compliance Office and FirstBike Motor Sports Inc., intending to be legally bound, do hereby execute this Consent Agreement and Order.

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**FOR THE COMMONWEALTH OF PENNSYLVANIA, DEPARTMENT OF BANKING AND SECURITIES, COMPLIANCE OFFICE**

Redacted

Tayler McCoy, Acting Director  
Compliance Office  
Pennsylvania Department of Banking and Securities  
Date: 11/21/2025

*(Seal of the Commonwealth of Pennsylvania Department of Banking and Securities)*

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**FOR FIRSTBIKE MOTOR SPORTS INC**

Redacted

(Officer Signature)  
*Richard L Grossman*  
(Print Officer Name)

(Title)  
*Owner*

Date: 11-21-25