Stewart Title Guaranty Company and Electronic Closing Services Inc.

Sacramento, CA: (Jul-18-07) The California Department of Insurance brought a lawsuit against Stewart Title Guaranty Company and Electronic Closing Services Inc., alleging that the two companies aided and abetted unlicensed firms, who conducted business illegally in California. The suit followed an investigation into Stewart Title, Electronic Closing, which does business as E-Title, and Richmond Title Services. The investigation revealed that between March 2005 and January 2007, Richmond Title Services repeatedly violated California's insurance code by operating as an underwritten title company without holding a license from the California Insurance Commissioner. Insurance Commissioner Steve Poizner ordered Richmond Title in March to stop operating without a license, and for Stewart Title and E-Title to stop assisting Richmond Title. In a settlement reached, Stewart Title and Electronic Closing Services agreed to jointly pay $1.5 million to the California Department of Insurance, as well as desist from fraudulent activity in the future. [SACRAMENTO BUSINESS JOURNAL: UNLICENSED INSURANCE]

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Published on Jul-19-07