01, 2013 - SAINT PAUL, MN – Two recent investigations conducted by the Department of Commerce Fraud Bureau uncovered insurance “policy mill” schemes that resulted in felony insurance fraud and forgery charges against individuals who masqueraded as insurance agents bilking their customers out of cash and insurance coverage.
31, 2013 - SAINT PAUL, MN – In preparation for August 1, 2013, the day that same-sex marriage in Minnesota becomes law, the state’s Department of Commerce and Department of Health issued a joint bulletin to all insurers to provide guidance related to insurance coverage for dependents.
12, 2013 - SAINT PAUL, MN -- Summer is the deadliest time of year for teenage motor vehicle accidents and parents can play an important role in ensuring their teen is a safe driver. The Department of Commerce recommends that parents and their teen driver discuss safe driving habits such as always wearing a seatbelt, no texting while driving, and never driving while intoxicated.
11, 2013 - Attorney General Lori Swanson and Commerce Commissioner Mike Rothman today filed a lawsuit against CashCall, Inc., a California outfit with a history of legal troubles, for charging Minnesota borrowers annual percentage rates ("APRs") of up to 342 percent and origination fees of up to $500 after falsely telling them that the loans are governed by tribal law.
27, 2013 - SAINT PAUL, MN – To highlight National Homeownership Month, the Minnesota Department of Commerce is emphasizing the importance of consumer education in helping Minnesotans achieve affordable homeownership.
According to the National Association of Realtors, existing-home sales are continuing to improve and the median sales price increased by double digits from the previous year. Many potential buyers and sellers might be encouraged to seize the opportunity of an improving market and put their homes on the market or start looking to purchase a home.
24, 2013 - SAINT PAUL, MN – Clean up continues for Minnesotans who experienced the devastation this past weekend after days of torrential rains, damaging wind and hail. Many consumers may be left wondering what they need to do to make and resolve insurance claims and to repair property damage.
14, 2013 - SAINT PAUL, MN – As part of the eighth annual World Elder Abuse Awareness Day, Minnesota Department of Commerce Commissioner Mike Rothman partnered with the state’s leading experts on preventing elder abuse and exploitation at William Mitchell College of Law annual event to raise awareness in this often under-recognized problem. Commissioner Rothman’s presentation, “Preventing Elderly Investment Fraud,” was tailored to health care professionals, focusing on how to spot and report fraud and financial abuse within the elderly and vulnerable adult populations.
17, 2013 - SAINT PAUL, MN – The Minnesota Department of Commerce recently took action against Lincoln National Life Insurance Company and Northwestern Mutual Life Insurance Company due to alleged current or former practices that automatically enrolled consumers into retained asset accounts – without providing beneficiaries with the option to decide whether they wanted life insurance proceeds placed in such accounts which may not have been suitable for the beneficiary or paid in one lump sum cash payment upon the death of policy holder.
15, 2013 - SAINT PAUL, MN – Commerce Commissioner Mike Rothman signed a Resolution and Regulatory Settlement Agreement with Prudential Insurance Company today to ensure payment of due and payable proceeds from life insurance policies, annuity contracts, and retained asset accounts to Minnesota beneficiaries, and strengthened procedures to make sure policy holders and beneficiaries receive the unclaimed proceeds from these policies and contracts in a timely manner in the future.
22, 2013 - SAINT PAUL, MN – Within this decade, there will be more Minnesotans over the age of 65 than children enrolled in our public schools. Senior citizens across the country hold the majority of the nation’s wealth and scam artists know it. As part of Financial Literacy Month, The Department of Commerce and AARP held a tele-town hall this morning for Minnesota’s seniors about the importance of protecting themselves from financial fraud.