Oregon Dept. of Consumer & Business Services
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Health coverage enrollment stays strong in Oregon - 01/03/19

(Salem) – More than 148,000 Oregonians chose health plans for 2019 through HealthCare.gov, according to new data from the federal government. The sign-ups came during the Nov. 1 to Dec. 15 open enrollment period, the time window when people can buy health insurance for the upcoming year.

Oregonians who enrolled in coverage during open enrollment, whether through HealthCare.gov or directly with an insurance company, must pay their premium when they receive their January bill in order to make their coverage effective.

“Each enrollment is more than a number,” said Cameron Smith, director of the Oregon Department of Consumer and Business Services (DCBS). “It’s a family or an individual who needed health coverage they could afford, and found it through the marketplace.”

The Oregon Health Insurance Marketplace, the state-level partner to HealthCare.gov, is a division of DCBS.

“The Oregonians who signed up through HealthCare.gov confirm the value of this option for coverage and financial assistance,” said Chiqui Flowers, administrator of the Oregon Health Insurance Marketplace. “Oregon will continue to support health care consumers, helping them understand their options for affording quality coverage and assisting them with the enrollment process.”

The enrollment total is comparable to the number of enrollments during the same period last year. For 2018 coverage, 156,105 Oregonians chose health plans through HealthCare.gov.

Now that open enrollment has ended, most people will be able to buy 2019 individual and family coverage only when they have a major life change, such as getting married, having or adopting a baby, or losing other coverage.


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The Oregon Health Insurance Marketplace helps Oregonians get coverage and financial assistance through HealthCare.gov. It is a division of the Department of Consumer and Business Services (DCBS). For more information, go to OregonHealthCare.gov.

 

Woodbridge slapped with cease-and-desist after defrauding 70 Oregonians as part of $1.2 billion Ponzi scheme - 12/27/18

Salem – The Oregon Department of Consumer and Business Services’ Division of Financial Regulation issued a cease-and-desist order against Woodbridge Mortgage Investment for running an unfortunately all-too-common real estate, also known as a promissory note, investment scam.

 

Woodbridge raised money from approximately 70 Oregonians for an investment program that was not registered with the division. Woodbridge salespersons, most of whom were not licensed to sell investments, promised investors that their money would be secured by a mortgage in real estate. The division’s investigation revealed that Woodbridge did not in fact record any mortgages.   

 

In December 2017, Woodbridge stopped making interest payments and filed for bankruptcy. Because Woodbridge failed to record mortgages on the real estate, investors were treated as general unsecured creditors in the bankruptcy case. Also in December 2017, the SEC filed a lawsuit against Woodbridge alleging a $1.2 billion Ponzi scheme and several other states have taken similar action against Woodbridge.

 

“Short-term promissory notes entice investors by promising a quick turnaround on their investment,” said Andrew Stolfi, division administrator. “Investors must be cautious because notes with durations of nine months or less may not be registered or even covered by federal or state securities laws.”

 

Promissory notes, a leading source of securities complaints nationwide, are a promise to pay a specified sum of money at a stated time. The notes are similar to a loan and generally pay interest. Last year, 210 note investigations and 149 enforcement actions were taken by state regulators.

 

In Oregon, five investigations resulted in five enforcement actions. The division is providing these four tips to protect yourself before investing in a promissory note:  

 

1. Call the division’s consumer advocacy team at 888-877-4894 (toll-free) to confirm that the notes are registered or legally exempt from registration.

 

2. Research the company. Understand how it will pay principal and interest on the note, as well as the costs to promote it, and find out the seller commissions.

 

3. Be suspicious of notes offering a high guaranteed rate of return.

 

4. If repayment is secured by an interest in real estate, confirm with a third party that a mortgage or trust deed is recorded on the property, and that no other liens exist.

 

Promissory notes encourage many types of investment scams. A written guarantee is not proof of a note’s legitimacy. Before making any financial decisions, ask questions, do your homework, and contact our advocates at 888-877-4894 (toll-free) with questions about the product or person selling it.

 

Learn more at dfr.oregon.gov.

 

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About DCBS: The Department of Consumer and Business Services is Oregon's largest business regulatory and consumer protection agency. For more information, visit www.dcbs.oregon.gov. 

 

About Oregon DFR:

The Division of Financial Regulation is part of the Department of Consumer and Business Services, Oregon’s largest business regulatory and consumer protection agency. Visit www.dcbs.oregon.gov and http://dfr.oregon.gov/Pages/index.aspx.