Administrative Actions - Budget Finance Closure, Ultralight FS Revocation, Amerbank Cease and Desist

The WV Division of Financial Institutions published multiple enforcement actions affecting financial institutions. The Budget Finance Company closure order addresses the unexpected shutdown of a consumer lending company in New Martinsville, with consumers directed to contact the Division for loan status inquiries. Ultralight FS, Inc. received an Order of Revocation, removing its authority to operate in West Virginia. Carteret Mortgage Corporation entered into an Agreed Order resolving regulatory matters. Amerbank LLC, now operating as Dolare LLC, remains under active Cease and Desist orders, with an amended order issued for the renamed entity.

Affected parties including consumers with outstanding loans through Budget Finance should contact the Division of Financial Institutions for status inquiries. Financial institutions operating in West Virginia should review their compliance standing given the enforcement actions taken against peers. The multiple enforcement actions demonstrate active regulatory oversight of both depository and nondepository financial entities in the state.