December 3, 2012
Officials probe 'Maine-based' loan co.
The state is investigating a complaint from an Oklahoma resident who received a loan offer from a company with a Portland address.
The Associated Press reported that the state's Bureau of Consumer Credit Protection has issued a cease and desist order against Woodhaven Advisors, which it says is falsely claiming to be located in Portland.
The department found no lender by that name located at the address — 561 Forest Ave. — and also found that the company is not registered with the state to make or broker consumer loans.
The Oklahoma complaint alleged the company offered a $10,000 loan in exchange for four upfront monthly "collateral payments" of $200.
Those types of advance fee consumer loans are illegal in Maine, the AP reported.
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