The Arkansas Insurance Department has yanked the license of a Greenwood title insurance agent and her agency for allegedly using another agent’s name without permission.
Teresa J. Wright and her firm, The Title Agency Inc., allegedly used another title insurance agent’s name and license number without approval when she issued a title insurance commitment last year, according to the order by Arkansas Insurance Commissioner Jay Bradford.
At the end of 2011, the Insurance Department wanted Wright to explain herself for several violations in connection with the incident. Wright first sent in a response, but then the Insurance Department didn’t hear from her again, the order said.
The Insurance Department found Wright violated insurance codes by “using fraudulent, coercive, or dishonest practices or demonstrating incompetence, untrustworthiness, lack of good personal or business reputation or financial irresponsibility,” the order said. And for the “public health, safety, and welfare” of Arkansans, Bradford decided to pull the license and told her and her agency to stop selling insurance. He also scheduled a hearing on May 2 for Wright to explain why she shouldn’t be permanently banned from handling clients’ insurance in Arkansas.
We couldn’t reach Wright, but her firm’s website said it handles real estate title and closing services and is licensed in Arkansas and Tennessee.
“Our professional staff is well aware of the closing essentials and is dedicated to providing a level of excellence worth revisiting,” the company’s website said. “We appreciate the confidence our clients and peers place in us to provide real estate services.”
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