WASHINGTON–A Richmond, Va.-based title insurer has agreed to pay more than $102,000 to settle charges by Colorado authorities that it paid illegal kickbacks to homebuilders for their exclusive business.
The decision by LandAmerica to pay a fine to the Colorado Division of Insurance, refund payments to some consumers and make a contribution to a charity follows tense negotiations that at one point piqued the interest of the House Financial Services Committee.
LandAmerica followed the settlement by announcing it is “pleased to have reached a settlement with the Colorado Division of Insurance that benefits the state's homeowners and looks forward to continuing our commitment to servicing the real estate needs of Colorado consumers.”
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