Legacy Lending Group - Advance Fee Loan Scam

Date Posted: 
Monday, April 1, 2019

Alert Number: CA050111_03/21/2019(3/20)

The Washington State Department of Financial Institutions (DFI) has received a complaint from a Washington consumer against Legacy Lending Group. The consumer reported that Legacy Lending Group required her to wire money to an individual in Ontario, Canada prior to issuing the agreed upon loan. After the consumer wired the money, Legacy Lending Group refused to honor the loan agreement unless the consumer wired additional funds. The facts in the complaint are alleged by the consumer, and the Department has not verified this information.

Legacy Lending Group is associated with the following contact information and individuals:

Telephone:
[888*539*6124]

Website:
[www.legacylgroup.com]

Address:
110 W. A St, Suite 670
San Diego, CA 92101

Involved individuals:
Diane Thomas
David Bailey
Wilfred Coldwell

It appears that Legacy Lending Group may be engaged in an “Advance Fee Loan Scam,” and is requiring payment of an upfront or advance fee in order for the consumer to be able to obtain a loan. It appears Legacy Lending Group did not provide the consumer with a loan after the consumer paid the advance fee.

Legacy Lending Group is not licensed by the DFI and is not registered to conduct business in Washington State by the Department of Licensing, the Department of Revenue, or the Secretary of State.

PLEASE NOTE THAT LEGACY LENDING GROUP SHOULD NOT BE CONFUSED WITH THE FOLLOWING UNAFFILIATED BUSINESSES:

Legacy Lending Group, Inc.
9935 Cohasset St
Burbank, CA 91504
CALDRE License # 02015659
NMLS # 1563436
Phone: 747*223*2248
Website: [www.LegacyLending.org]

Legacy Lending Group, Inc.
3705 Rupp Dr., Suite 100
Fort Wayne, IN 46815
NMLS # 114045
Phone: 206*470*9999
Website: [www.legacylend.com]

DFI warns Washington consumers that when considering doing business with a financial service provider the consumer can:

  • Make sure that the entity is licensed. Consumers can use the “Verify a License” feature on DFI’s website at www.dfi.wa.gov to check whether a payday or consumer loan company is licensed to conduct business in the state of Washington.
  • Never provide any personal information, such as social security number or bank account number or access if the company is not licensed or authorized to conduct business.

Important Information for Washington Consumers About Unlicensed Lenders

Washington State residents are informed that Washington State law provides in RCW 31.04.035 that fees or interest charged in the making of a nonresidential loan by an unlicensed lender must be refunded to the borrower. For a residential mortgage loan, an unlicensed lender must refund any non-third-party fees charged in connection with the origination (excluding interest charges).

Washington residents only: If you suspect unlicensed activity by a payday lender or consumer loan company, please contact the Department at 1-877-RING-DFI (746-4334), or online at www.dfi.wa.gov. Even if the activity involves a loan you obtained over the internet, a license is generally still required. If a collection agency is attempting to collect a debt from you, you can check whether the company is licensed by the State of Washington Department of Licensing.

Important Information for All Consumers

  • If you received a loan from a lender and someone else is now attempting to collect the loan, collection activity may be subject to the federal Fair Debt Collection Practices Act (FDCPA). If you are contacted by a third party claiming you owe a debt, you can request a “written validation notice,” which must provide the amount of the debt, the name of the creditor you owe, and your rights under the FDCPA. If you have questions regarding federal debt collection laws, you can contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP or online at www.ftc.gov.
  • If you feel you have been the victim of a scam, you can contact the FTC at 1-877-FTC-HELP (382-4357) or online at www.ftc.gov; or the Consumer Financial Protection Bureau (CFPB) at 1-855-411-CFPB (2372) or online at www.consumerfinance.gov.
  • If the scammers already have your bank account information, social security number, or other personal information, you may be a victim of identity theft. You can contact your bank and the three major credit bureaus to take appropriate precautions. The FTC has information for victims of identity theft online at www.ftc.gov.
  • If you feel you have been the victim of a scam involving the internet, you can contact the Internet Crime Complaint Center online at www.ic3.gov.
  • If you feel you have been the victim of a financial scam and are concerned about your personal financial information, you can contact your banking institution and the three major credit bureaus. Procedures for contacting the credit bureaus are available on the FTC’s website at www.ftc.gov.
  • If you live in another state, go to this webpage to find the regulator in your home state. http://mortgage.nationwidelicensingsystem.org/consumer/Pages/AgencyContacts.aspx.