Atlanta, Georgia ~ On February 5, 2008, the Georgia Department of Banking and Finance’s (“Department’s”) Notice of Intent to Revoke Annual License issued to Homestart Financials, Inc. d/b/a Homestart Financials and Mortgage (“Homestart Financials”), license number 18998, located at 1229 Johnson Ferry Road, Suite 203, Marietta, Georgia 30068, became final.
The Notice of Intent to Revoke Annual License provided that Homestart Financials made false statements or misrepresented material facts to lenders and employed a person against whom a final cease and desist order had been issued within the three preceding years for conducting a mortgage business without a license.
Pursuant to state law, it is prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to a mortgage broker or mortgage lender that is not licensed or exempt from licensing or registration provisions.
In conjunction with these same violations, the Department issued an Order to Cease and Desist to Gouranga C. Banik, the president of Homestart Financials. This Order to Cease and Desist also became final on February 5, 2008.
State law that was in effect when the violations underlying this Order to Cease and Desist were committed permits the Department to revoke the license of a mortgage broker or lender that employs an individual against whom a final Order to Cease and Desist has been issued within the preceding three years.
Rod Carnes, Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371