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Georgia Department of Banking and Finance's Order to Cease and Desist Issued to The Community Business Center, Inc. aka Decatur Business Center Becomes Final

Georgia Department of Banking and Finance's Order to Cease and Desist Issued to The Community Business Center, Inc. aka Decatur Business Center Becomes Final

February 21, 2012


Atlanta, Georgia — On February 21, 2012, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to The Community Business Center, Inc. aka Decatur Business Center, c/o Michael King and Raquel King, located at 5522 New Peachtree Road, Suite 129, Chamblee, Georgia 30341 became final.

This Order to Cease and Desist was issued by the Department after it obtained evidence that The Community Business Center, Inc. aka Decatur Business Center engaged in residential mortgage brokering activities without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-1002.

Pursuant to Georgia law, it is prohibited for any person to directly or indirectly solicit, process, place, or negotiate mortgage loans for others, or offer to solicit, process, place, or negotiate mortgage loans for others without a mortgage license or pursuant to an exemption from licensure.

It is also prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions.

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 loan originators, mortgage brokers, mortgage lenders, mortgage processors, 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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