"Business Maine: Northern" piece reporting that a Brewer loan broker will close

Source

Mainebiz

Date

3-29-2004

Pages

14

Abstract

"Business Maine: Northern" piece reporting that a Brewer loan broker will close by April 1 after reaching a deal with the Office of Consumer Credit Regulation over violations of state regulations. According to the state, Francis Fox, owner of East Coast Funding Inc., didn't establish a separate escrow account for customer fees, instead combing them with the operating funds. In addition, state officials said Fox allegedly filed false corporate documents with the state. According to the terms of the deal, Fox will close his business, be prohibited from applying for a state loan broker's license and pay a $500 fine.

Subjects

East Coast Funding Inc Brewer, Fines (Penalties), Fox, Francis

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