Las Vegas, NV - December 30, 2013
an enforcement action brought against Western Sky Financial, LLC, the Nevada
Financial Institutions Division has issued a Consent Order permanently barring
the internet lender from originating loans in Nevada. The Division also
found that loans made without a Nevada license were unenforceable and fined the
company $50,000 in administrative penalties.
investigation by the Financial Institutions Division was launched after an
annual examination of licensee CashCall, Inc. revealed that some loans serviced
by CashCall were originated by Western Sky Financial, LLC. The investigation
found that Western Sky Financial, LLC solicited and made loans to Nevada
residents without a license.
June 28, 2013, the Division issued a Cease and Desist Order against Western Sky
Financial, LLC prohibiting the company from conducting the business of lending
without a license pursuant to NRS Chapters 675 and 604A.
result of an administrative hearing requested by Western Sky Financial in
response to the order to cease unlicensed activity, the parties agreed to a
Consent Order approved by the hearing officer which requires that:
Cease and Desist Order shall be permanent and remain in full force and effect.
assessed $50,000 administrative fine is due within 30 days of the approved
made to Nevada residents by Western Sky Financial, LLC cannot be enforced,
validated, or collected through any equitable or legal causes of action in a
Nevada or federal court.
full text of the Consent Order is posted on the Financial Institutions Division
“FID advises consumers
to only conduct business with entities that are properly licensed, “said
Commissioner George Burns. “The Division will remain vigilant in ensuring
that consumers are protected from unlicensed lenders.”
Borrowers can verify
the licensing status of a company by checking the Division’s website at www.fid.state.nv.us
or by calling (702) 486-4120.
About the Nevada Financial
Financial Institutions Division, a division of the Department of Business and
Industry is mandated to maintain a financial institutions system for the
citizens of Nevada that is safe and sound, protects consumers and defends the
overall public interest. The Division also promotes economic development
through the efficient, effective and equitable licensing, examination and
supervision of depository, fiduciary, and non-depository financial
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