Debt Relief Industry

Novation Marketing Center and Novation Law Center Get a Shot Over The Bow

HARTFORD – Attorney General George Jepsen is warning consumers that the California companies, Novation Marketing Center and Novation Law Center, are not licensed in Connecticut to provide mortgage loan modification services and are not affiliated with Webster Bank.

Jepsen received reports that the companies contacted Webster Bank customers in Connecticut with mortgage modification offers, falsely suggesting an affiliation with the bank.

Jepsen sent a letter to the Newport Beach companies Wednesday demanding they cease and desist from doing business in Connecticut until they are licensed. He also demanded that the companies provide copies of their advertisements, solicitations and consumer disclosures; to identify and describe all affiliations with Connecticut and national lenders and loan servicers; and to identify all the Connecticut consumers for whom Novation provided any debt negotiation services and whether they had obtained a loan modification for the customer.

“Connecticut law provides specific protections, such as detailed disclosure and no fees up front, for consumers who need help modifying loans or other debt negotiation,” Jepsen said. “The law also prohibits unlicensed companies from doing business in the Connecticut.”

The Department of Banking has regulatory authority over Connecticut’s debt negotiation laws and has been actively pursuing unlicensed negotiators trying to do business in Connecticut.

Jepsen said consumers need to be aware of scams in which unlicensed companies masquerade as affiliates of banks and other financial institutions, when in fact, they have no legal connection or authorization. Webster Bank advised its customers who receive a mortgage workout letter from any company that claims to represent Webster, to contact Webster at 203-741-4877. – Source

Sincerly,
Steve

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READ  Novation Law Center - Scam, Complaint, Review, or Praise?



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Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

2 Comments

  • CT will license ANYONE- LHDR had a complaint filed by the State judiciary board on about 10 different violations of CT Bar Rules of Conduct; Though it got their lawyers to jump ship, once they sent in $1,500 & got their adjuster license, the wimp, Mark Dubois at the Judiciary board, dropped the complaint. Now I wonder if they’re ONLY charging 10% of the savings, as is CT law? So, it seems the rule in CT is “send them $ & do what ever you want”

    I’m sure they are charging their standard 28% up front fee- Does anyone know? Any CT clients of Legal Helpers Debt Resolution out there?

  • CT will license ANYONE- LHDR had a complaint filed by the State judiciary board on about 10 different violations of CT Bar Rules of Conduct; Though it got their lawyers to jump ship, once they sent in $1,500 & got their adjuster license, the wimp, Mark Dubois at the Judiciary board, dropped the complaint. Now I wonder if they’re ONLY charging 10% of the savings, as is CT law? So, it seems the rule in CT is “send them $ & do what ever you want”

    I’m sure they are charging their standard 28% up front fee- Does anyone know? Any CT clients of Legal Helpers Debt Resolution out there?

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