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Department Enters into a Consent Order with T & M Business and Financial Services, Inc. and its Owner, Margie Armbrust

Department Enters into a Consent Order with T & M Business and Financial Services, Inc. and its Owner, Margie Armbrust

April 9, 2009


Atlanta, Georgia
~ On April 9, 2009, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with T & M Business and Financial Services, Inc., License Number 6520, located at 2702 Highway 120, Suite A, Duluth, Georgia 30096 and its owner, Margie Armbrust, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act and agency rules. 

The terms of the Consent Order are as follows:

  • The revocation of T & M Business and Financial Services, Inc. mortgage broker’s license is effective as of April 9, 2009. T & M Business and Financial Services, Inc. can never apply to the Department for another license to be a mortgage broker or mortgage lender;
  • The Department rescinds the Cease and Desist Order issued to Margie Armbrust on March 9, 2009;
  • For a five-year period, Margie Armbrust can only be affiliated with a mortgage broker or mortgage lender as an employee and is prohibited from applying for a mortgage broker’s or lender’s license. During this same time frame, Ms. Armbrust may not serve as a branch manager or direct the affairs or act as a director, officer, partner, equitable owner, or any other equivalent role of a mortgage broker or mortgage lender; and,
  • A $1,000.00 contribution shall be made by T& M Business and Financial Services, Inc. to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System.

 

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

 

Related Files: 
AttachmentSize
Consent Order1.53 MB