California lender fined by Nevada regulator

Friday, Oct. 22, 2004 | 11:13 a.m.

A mortgage solicitation sent to the home of Scott Bice, Nevada's Mortgage Lending Division commissioner, has led to a $10,000 fine and a cease-and-desist order against a California lender.

In an order dated Oct. 19, state regulators ordered Dana Capital Group Inc. to stop doing business in Nevada from its Laguna Beach, Calif., office and pay the $10,000 fine.

A statement from the commission said that several months ago Bice had spoken with the officers from Dana's California office and notified them that they must be licensed in Nevada to solicit business here. The company -- which has a licensed Las Vegas location -- said it thought that that license would cover solicitations from California. It was decided at that time that no action would be taken if the solicitations were halted.

The letter to Bice's home was dated Oct. 6 and prompted the regulatory action, said Amanda Getzoff, a spokeswoman for the commission.

Bice emphasized that only Dana Capital's California office is covered by the order. The company's Las Vegas office, 2450 Chandler Ave., and its local manager James Norris remain in good standing with regulators and are not affected by the order.