State sues mortgage broker

Friday, May 25, 2001 | 11:11 a.m.

The Nevada attorney general's office sued to force an alleged unlicensed Las Vegas mortgage broker to comply with a 1998 order to stop brokering mortgage loans in Nevada.

Deputy Attorney General Joseph Long, on behalf of the state Financial Institutions Division, sued Richard Palevac, a former owner of AAA Consulting, in Clark County District Court, alleging he failed to apply for a mortgage broker license even after being served a cease and desist order on June 18, 1998, to stop illegally operating a mortgage brokerage at 2601 McLeod Drive.

Palevac, who was accused of collecting $103,365 in fees from illegally brokering loans totalling $1.355 million over 14 months, was ordered to stop after several complaints were filed with the state by residents.

The suit said the division took action after investigating claims by a Pahrump man who accused Palevac of "pushing him to accept five loans in an eight month period and put him in a situation of losing everything."

Palevac could not be reached for comment on the state's charges.