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Examination Summary
January - March, 1999
by Del Pelton, Principal Examiner
Total Exams (including 31 in-house exams): ........................................ 80
By Business Type
Supervised Lenders……26
Auto Dealers……18
Leasing Companies……11
Debt Collectors……06
Pawn Shops……03
Sales Finance Companies……08
Retail Merchants………04
Loan Brokers……03
Rent-to-Own Stores……01
Total restitution to consumers from examinations: $1,502.93
Most Common Violations:
Supervised Lenders: Late charges wrongly assessed on 2nd mortgages………15
Loan Brokers: Failure to escrow advance fees….15
Supervised Lenders: No “choice of your own attorney” notices…14
Supervised Lenders: Incorrect forms (esp. failure to update early disclosures)………13
Supervised Lenders: Incorrect credit denial notices……11
Auto Dealers: Incomplete truth-in-lending disclosures…10
Sales Finance Companies: Incorrect forms……09
Auto Dealers: No truth-in-lending disclosure provided….08
Sales Finance Companies: Incorrect credit reporting forms…07