Boise, ID (February 27, 2017) — The Idaho Department of Finance has announced the issuance of a cease-and-desist order against Reliant Escrow Transaction & Coordination (Reliant). Reliant claims to be an online escrow company located in Boise that offers escrow services to prospective sellers of timeshare units in Mexico. However, Reliant does not reside in Boise and is not licensed by the department as an escrow company or as any other type of financial service provider.
This cease-and-desist order cites violations of the Idaho Escrow Act by Reliant for pretending to operate as a licensed Idaho escrow company located at 886 Main Street in Boise. The order also cites violations of the Idaho Financial Fraud Prevention Act, which prohibits leading the public to believe you are a financial institution, such as an escrow company, for the purpose of obtaining money. The order states that Reliant tried to deceive consumers and gain legitimacy by using an assumed business name that was filed with the Idaho Secretary of State in 2000 but that became inactive in 2002.
Reliant appears to be working with a company called International Investors located at 194 Wood Avenue South, Iselin, New Jersey. The order states that no company by that name exists at the advertised location. Further, owners of timeshare units in Mexico are contacted by International Investors claiming to have a buyer or lessee for their timeshare unit and asking if the owner is interested in selling or leasing their unit. International Investors then directs the seller to Reliant to close the escrow transaction and owners are asked to pay fees in advance of closing the transaction.
The Department of Finance urges timeshare owners to be cautious of uninvited emails or telephone calls from individuals who make attractive offers to purchase or lease the owners’ timeshare unit. These offers normally will require the owner to pay upfront fees with a guarantee that the fees will be reimbursed when the transaction is funded. Timeshare owners always should confirm with regulatory agencies that the entities involved in the transaction are appropriately licensed and legitimate.
A copy of the order, and other information can be found on the Internet at finance.idaho.gov and may be obtained by contacting the department at (208) 332-8000 or Idaho toll-free at 1-888-346-3378.
SOURCE: Idaho Department of Finance