PRC Launches Investigation Into Unlicensed Title Agent

Mountain Mail reports

The New Mexico Public Regulation Commission’s Division of Insurance warns residents of Socorro and Catron counties of unlicensed title agents operating in their midst.
An investigation is underway into what Division staffers characterize as “an increase in possible solicitation and sales of fraudulent title policies issued by the Socorro-based JM Abstract and Title Company and its owner, Joseph Vallejos.”
In August officials with the Division of Insurance officially notified Vallejos that he was operating in violation of the New Mexico Insurance Code. That apparently did little to deter Vallejos from continuing to violate the code.
“The evidence we’ve gathered indicates that violations may be continuing,” Investigator John Gaherty said.
Gaherty said the Division of Insurance is concerned that several consumers may be holding invalid policies purchased through Vallejos over the course of the past few years. Any area resident who has purchased a title policy from Vallejos is encouraged to contact the title policy company to verify the validity of their policy.
Consumers can also call the Division of Insurance at 505-827-4601 or 800-947-4722 for assistance.
The situation, Gaherty said, is a reminder to all consumers, real estate agents, brokers, bankers and mortgage companies to verify licenses of any and all insurance agents through the NMPRC’s website (www.nmprc.state.nm.us). Licenses should be verified prior to entering into any contractual arrangement.
The Division of Insurance’s investigation into Vallejos continues. Anyone with questions or with information regarding Vallejos and/or JM Abstract and Title Company should contact Investigator John Gaherty at 505-827-4439 or via e-mail at john.gaherty@state.nm.us.

PRC Launches Investigation Into Unlicensed Title Agent