The Oregon Department of Consumer and Business Services issued an enforcement action against Autoland Inc., a credit union auto buying service, for operating without a license in the state for more than six years.
According to the June 7, 2010 order, Autoland was not licensed in Oregon as a business entity insurance producer from Nov. 1, 2004 to March 11, 2010. The firm also sold 476 mechanical breakdown insurance policies on behalf of three insurers to Oregon to persons living in the state from Nov. 3, 2004 to Nov. 17, 2009.
The Oregon Department of Consumer and Business Services Insurance Division assessed a $50,000 civil penalty against Autoland. The payment was due Nov. 24, 2010. The auto buying service firm chose to conclude the proceeding without a hearing and to waive all rights relative to an administrative hearing and judicial review, according to the order.
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In 2007, Autoland was acquired by CU Vehicles, LLC, a wholly-owned CUSO of $416 million Telesis Community Credit Union in Chatsworth, Calif.
Autoland was licensed in Oregon as a nonresident business entity insurance produce from June 15, 1999 to June 30, 2000 and as a resident business entity insurance produce from Oct. 7, 1999 to Oct. 31, 2002 and again from Nov. 8, 2002 to Oct. 31, 2004, according to the order. Since March 12, 2010, it was once again licensed as a resident business entity insurance provider. However, Autoland's corporate address is in Chatsworth, Calif.
Founded in 1971, Autoland represents hundreds of credit unions, over eight million members, has 75 locations nationwide and more than 130 employees, according the firm's website. It claims to sell over $270 million in vehicles per year.
A comment from neither Autoland nor Telesis was not immediately available.
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