The peer-to-peer company Lending Club and its Westborough, Massachusetts-based subsidiary Springstone agreed earlier this month to pay $2 million and take a number of other steps to settle a consent order with the Massachusetts Division of Banks.

Lending Club currently has no licenses or registrations with the division, but has engaged in the business of a third-party loan servicer from at least August 2011 through the present without a third-party loan servicer registration, according to the order.

Lending Club has also engaged in the business of arranging small loans for a fee from Aug. 1, 2011, through the present without a small loan company license, and engaged in arranging small loans for a fee from April 17, 2014 through the present without a small loan company license, according to the order.

In addition to paying the penalty, Lending Club and Springstone shall cease and desist from engaging in any business activity that requires licensing or registration from the division until they obtain such licensing or approval.

Lending Club must also identify and reimburse all Massachusetts consumers who paid any interest or fees on small loans arranged or serviced by Lending Club since Aug. 1, 2011, or arranged by Springstone since April 17, 2014, which are in excess of the amount permitted under the small loan rate order issued under the small loan law under certain terms.

Lending Club acquired Springstone Financial for a total consideration of $140 million in cash and stock in 2014. The company has struggled since then. Lending Club shares fell more than 22 percent in December, reaching an all-time low of $3.29. Today, the stock sat around $3.50.

LendingClub has been trying to bounce back from an internal inquiry last year that accused the company of filing false documents and selling $22 million of loans to investors. That resulted in founder Renaud Laplanche leaving the company, along with other reputational issues.