FOR IMMEDIATE RELEASE	Wednesday, March 3, 2010

Department of Banking and Finance Enters into a Consent Order with Michelle Spooner

Atlanta, Georgia ~ On March 3, 2010, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Michelle Spooner, of Lithonia, Georgia, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act.

The Consent Order includes provisions requiring that:

• For a 5-year period, Michelle Spooner can only be affiliated with a Georgia mortgage broker or Georgia mortgage lender as a W-2 employee and is prohibited from applying for a Georgia mortgage broker’s or Georgia lender’s license;
  
• Ms. Spooner is prohibited from directing the affairs of a Georgia mortgage broker or Georgia mortgage lender or from acting as a director, officer, partner, equitable owner, or any other equivalent role for a Georgia mortgage broker or Georgia mortgage lender during the 5-year period that the Consent Order is in effect;  
  
• Ms. Spooner is prohibited from serving as a branch manager for a Georgia mortgage broker or Georgia mortgage lender during this same period of time; and,  
  
• Ms Spooner must attend a 4-hour Department-approved education course in mortgage fraud prevention and ethics within a 60-day period.

Contact: 
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail: rodc@dbf.state.ga.us

The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage brokers, mortgage lenders, mortgage processors, mortgage loan originators, check  cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.  Visit us on the Web at: http://dbf.georgia.gov/

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