Company Information - Money Lending Tree Group, Inc. (The)
Name of Company:
Money Tree Lending Group, Inc. (The)
Date of Liquidation:
June 23,
2005
Claims Filing Deadline:
June 23, 2006
Guaranty Association:
None
Type of Coverage:
Unauthorized
Insurer
State of Domicile:
Florida
Status of Receivership:
Closed
Date of Discharge:
December 31, 2007
On June 23, 2005, the Second Judicial Circuit Court in and for Leon County, Florida
("Court"), signed an Order appointing the Florida Department of Financial Services as Receiver of The
Money Tree Lending Group, Inc. ("Money Tree"), for Purposes of Liquidation, Injunction and
Notice of Automatic Stay.
While Money Tree was a licensed Florida Correspondent Mortgage Lender, the company also sold
fixed-rate annuities which are considered insurance products in the state of Florida. Money Tree is not licensed
to conduct insurance business in Florida. The company sold 202 annuities to date. Money Tree's home
office is located in Port Charlotte, Florida. Since the Money Tree is an unauthorized insurance
entity, there is no Florida Life and Health Insurance Guaranty Association ("FLAHIGA") coverage for the annuity
products sold by Money Tree.
On September 6, 2005, the Court issued an Order approving the Receiver's Plan of Liquidation. Under
the approved plan, the Receiver made a seventy (70%) percent initial distribution to the annuitants of Money Tree. The
distribution was based on all principal payments made to Money Tree plus any accrued interest through the date of
liquidation, less any interest already paid to annuitants.
In November 2005, the Receiver mailed out proof of claim forms to all parties that the Receiver
identified as having a possible claim in the Money Tree estate. The claims filing deadline was June 23, 2006.
On July 14, 2006, the Receiver filed a motion for Court approval to make a
second
distribution of 10% to the annuitants of Money Tree. On July 18, 2006, the Court issued an order that granted approval to make the
10% distribution. As a result of the order, on August 3, 2006, 201 distribution checks were mailed to Money Tree annuitants.
On August 10, 2007, the Receiver filed a motion with
the Court to approve the third and final claims distribution report which
would allow the Receiver to make another 5.63% distribution to the former annuitants
of Money Tree. On August 13, 2007, the Court issued an order granting
permission to make the third
distribution. As a result of the order, 201 distribution checks were mailed to Money Tree annuitants
on August 27, 2007. As of the third distribution, former Money Tree
annuitants will have received a return of 85.63% of all principal payments
plus any accrued interest through the date of liquidation, less any interest already paid to annuitants of Money Tree.
On December 18, 2007, the Court issued an Order that discharged the Florida Department of Financial Services of
its duties as Receiver of Money Tree effective December 31, 2007. To view a copy of the discharge order, click
here.
For questions or comments regarding this website, please click
here.
CONSUMER HELPLINE 1-800-882-3054
Division of Rehabilitation and
Liquidation · 2020 Capital Circle SE Alexander Bldg Ste
340 · Tallahassee, FL 32301-0110
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