First American Title Insurance Co.

Minneapolis, MN: (Apr-05-07) The Minnesota Department of Commerce sent enforcement letters to real estate agents alleging they participated in sham affiliated business arrangements with First American Title Insurance Co. Minnesota officials reached a settlement with First American on February 28, 2007 where the insurance company paid out $500,000. In a series of alerts posted on the official Minnesota Association of Realtors' Web site, the agents are requested to admit to allegations that they took kickbacks, rebates or other considerations in exchange for referring clients to the sham affiliated businesses, soliciting the sale of title insurance without a license, or failing to disclose their interest in the joint ventures, and pay a fine in the range of $1,000 to $2,000. [INMAN NEWS: REAL ESTATE REFERRAL]

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Published on Apr-11-07