INSURANCE DEPARTMENT ISSUES CEASE AND DESIST ORDER AND NOTICE
Unlicensed entity engaged in the business of title insurance
BOISE ID – The Idaho Department of Insurance issued an order, pursuant to the public interest and Idaho Code § 41-213(1)(a), directing a Meridian business, The Closing Source, LLC, to immediately cease and desist operating or functioning in any way as a title insurance agent, firm, or entity in the state of Idaho without first becoming licensed as a title insurance agent. The Cease and Desist Order is directed to The Closing Source, an Idaho limited liability company, and its principals, Diamantina Rumbaugh, managing member, and Robert Ferdinand, member. The Closing Source, is not licensed by the Department to sell title insurance in Idaho.
This is a cease and desist order without prior notice but with the opportunity for hearing. On or about January 31, 2018, the Department received a phone call from a complainant stating that The Closing Source was doing business as a title and escrow agent involved in the sale of an out-of-country time-share property. The phone call was to determine whether the company was properly licensed. As a result of the ensuing investigation, it was found that The Closing Source was not licensed as a title insurance agent or firm as required by Idaho law. In order to prevent harm to the public, immediate steps have been taken and the company can no longer conduct any unlicensed activity out of its Idaho-based office with domestic, foreign, or alien businesses and prospects.
Department Director Dean Cameron says, “We have a responsibility to protect Idaho consumers by making sure the insurance producers they do business with are properly licensed under the Idaho Insurance Code.”
