The Michigan Department of Insurance and Financial Services this week announced the suspension of two title insurance agents after an investigation found they allegedly mismanaged customers’ escrow funds.
DIFS Director Anita Fox issued a summary suspension of insurance producer licenses to Tobby Jablonski and Rand Sre after an investigation found customers had deposited funds into escrow accounts with the producers’ respective title agencies and received notices that taxes, utilities, and liens had not been paid.
Sre’s Peak Title of Michigan Inc. and Jablonski’s Peak Title Agency Co have 30 days from the July 1 service of the suspensions to contest the suspensions by requesting an administrative hearing.
“Consumers should feel confident that their title agency is compliant with the law, maintains proper safeguards, and protects customers’ funds,” said Fox. “After conducting a thorough investigation, it was clear that immediate action against Peak Title of Michigan Inc. and Peak Title Agency Co. was necessary to ensure consumers are protected.”
The summary suspension order can be found here.
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