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Key Financial Corporation Revocation and Cease and Desist Orders Against President Lynn Rushmore and Vice President James Curry Become Final

Key Financial Corporation Revocation and Cease and Desist Orders Against President Lynn Rushmore and Vice President James Curry Become Final

March 4, 2009

Atlanta, Georgia ~ On March 4, 2009, the Georgia Department of Banking and Finance (“Department”) issued a Final Order of Revocation of Annual License to Key Financial Corporation, 21319, located at 3631 131st Avenue North, Clearwater, Florida 33762.

The Notice of Intent to Revoke Annual License issued on February 2, 2009, provided that Key Financial Corporation employed persons against whom a final cease and desist order was issued within the three preceding years in violation of O.C.G.A. § 7-1-1004(d); employed a felon in violation of O.C.G.A. § 7-1-1004(i); transacted business with, and directly or indirectly controlled, an unlicensed person in violation of 7-1-1002(a), (b), and (c); and, failed to properly maintain a mortgage loan transaction journal in violation of Rule 80-11-2-.03.

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 the Notice of Intent to Revoke Annual License, the Department issued Orders to Cease and Desist to Lynn A. Rushmore, President of Key Financial Corporation, and James M. Curry, Vice President of Key Financial Corporation.   These Orders to Cease and Desist became final on February 24, 2009.

Pursuant to state law that was in effect when the violations underlying the Order to Cease and Desist were committed, the Department may 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 five years if the Order resulted from conducting mortgage business with an unlicensed person or committing prohibited acts.  

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

 

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