Nevada regulators target mortgage, insurance offenders
Thursday, April 1, 2004 | 11:32 a.m.
CARSON CITY -- In its stepped-up enforcement program, the state has levied a $10,000 fine against a mortgage loan company for unlicensed activity and running misleading advertising.
Commissioner Scott Bice of the state Mortgage Lending Division said Wednesday he has also issued a cease and desist order against Complete Home Loans that has a Nevada license but is conducting its business from San Clemente, Calif.
He said a mortgage broker cannot have an office licensed outside the state. And the advertisements of the company could lead consumers to think it is an official government entity, he said. Earlier this week, Bice announced fines against three other companies and an unlicensed broker.
"In these unprecedented times of extremely low interest rates, it is important for mortgage loan consumers and the general public to use their own due diligence and question the validity of offers that either seem too good to be true or imply that the company has a 'special' government program," said Bice.
While Complete Home Loans has an office in Las Vegas (6396 McLeod Drive), the firm distributed a direct mail solicitation to a Nevada resident listing a California address and an 800 number to call in an effort to entice an application for a loan secured by real estate.
Bice said division investigators found the company has a call center in California that handles consumer calls. And its advertisements include such phrases as "Government Loan Programs Department" and "VA Guaranty Number."
Meanwhile Gov. Kenny Guinn said the state Insurance Division has stepped up its program to stop unlicensed insurance companies from doing business in Nevada.
He said a media campaign has started with the Nevada Independent Insurance Agents, the Nevada Broadcasters Association and Nevada Surplus Lines Association to alert the public of these dangers.
These unlicensed companies, Guinn said, "have bilked millions of dollars from consumers as they move from state to state.
"They often collect premiums and then, without the proper reserves, refuse to pay for legitimate claims or disappear altogether when their services are needed most," he said.
The program includes advertisements on billboards and in newspapers and magazines. And a brochure has been mailed to nearly 70,000 Nevada business operators. The second phase of the program will include television and radio announcements to reach consumers directly, said Guinn.
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