The Arkansas insurance Department recently issued an emergency license suspension order against American Title & Escrow Inc. of Rogers.

American Title had been an agent for Stewart Title Guaranty Co., which severed its ties with the company last year, according to the order issued earlier this month.

Stewart Title charged that American Title failed to make nearly $2 million worth of lien payoffs with money it received at closings, the order said. The FBI apparently tipped Stewart Title off to the information, but no charges have been filed in connection with the case.

"These payoffs were to be made in connection with mortgage loan closings for which Stewart Title insurance policies had been issued or for which Stewart title is obligated to issue," the Insurance Department's order said.

Also American Title was a sloppy bookkeeper. An audit of American Title revealed that it failed to reconcile its books for a year, didn't keep accounting records and failed to timely report policies.

American Title also didn't send Stewart Title more than $2,000 worth of insurance premiums collected from customers for several real estate transactions closed by American Title, the order said.

The Insurance Department said it will go after penalties and sanctions against American Title at a hearing, but a date hasn't been set yet.

American Title's phone has been disconnected and its president, Craig Underwood, couldn't be reached for comment.