Loan companies fined, professionals disciplined for improper practices

News-DemocratJune 27, 2013 

The Illinois Department of Financial and Professional Regulation released its report on disciplinary actions taken during May.

The following individuals and businesses in the metro-east have been disciplined by the department:

* Ardmore Finance Corp., of Madison, was fined $3,750 for the following violations: The lender did not obtain borrower's most recent income documentation available at the time the loan was made. Lender made a small consumer loan to a consumer for which the total of all payments to be made in any month on the loan exceeds 22.5 percent of the consumer's gross monthly income.

* Great Lakes Specialty Finance Inc., of Belleville, was fined $1,000 for the following violation: Lender made an installment payday loan exceeding 22.5 percent of the obligor's gross monthly income or lender made a payday loan exceeding 25 percent of the obligor's gross monthly income.

* Illinois Title Loans Inc., of Granite City, was fined $5,000 for the following violations: Original documents, or approve equivalent not canceled or returned following payoff. Official income documentation was not the required type for a payday loan or was not for income for the 30 days preceding the loan. Lender made an installment payday loan exceeding 22.5 percent of the obligor's gross monthly income or lender made a payday loan exceeding 25 percent of the obligor's gross monthly income. Security is not released.

* SFC of Illinois L.P., of Jerseyville, was fined $1,525 for the following violations: Original documents, or approved equivalent, not canceled or returned following payoff. The lender did not obtain borrower's most recent income documentation available at the time the loan was made. Lender did not obtain official documentation of the borrower's income before making a small consumer loan.

* Sun Loan Co. Illinois No. 2 Inc., of Belleville, was fined $1,000 for the following violation: Lender made a small consumer loan to a consumer for which the total of all payments to be made in any month exceeds 22.5 percent of the consumer's gross monthly income.

* David Daly, of Belleville, had his marriage and family therapist license reprimanded with continuing education and fined $75 for misrepresenting the completion of the required continuing education renewal application for the renewal date.

* Peter Malench, of Maryville, had his physician and surgeon license reprimanded and fined $2,000 after he settled a civil lawsuit alleging delayed referral for surgical intervention of one of the patients of his private practice.

* Brian Karban, of Belleville, had his orthotist license reprimanded and ordered to complete continuing education deficiency and fined $212.50 for misrepresenting the completion of the required continuing education renewal application.

* Holly Schmid, of Belleville, had her certified shorthand reporter license placed in refuse to renew status for being more than 30 days delinquent in the payment of child support.

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