ROANOKE TIMES 
                      Copyright (c) 1996, Roanoke Times

DATE: Saturday, September 28, 1996           TAG: 9609300091
SECTION: BUSINESS                 PAGE: A-6  EDITION: METRO 
SOURCE: MAG POFF

AVCO MORTGAGE PAYS $50,000 FINE

Avco Mortgage and Acceptance Inc. has paid a $50,000 penalty to the Virginia Corporation Commission for violations in the conduct of its business in Roanoke.

The penalty is listed in the September issue of the commission's compliance newsletter, but it was actually paid to the state Aug. 20.

Kenneth Schrad, spokesman for the SCC, said that its Bureau of Financial Institutions discovered "certain violations" of the company's state license during a routine examination of the Roanoke office. He declined to discuss the nature of the violations, citing SCC policy to refuse comment when a company pays a penalty and conforms to state regulations.

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