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Order to Cease and Desist Issued to Scott O’Neil, individually and d/b/a SCS Private Funding, d/b/a Secure Cash Systems, LLC Becomes Final

Order to Cease and Desist Issued to Scott O’Neil, individually and d/b/a SCS Private Funding, d/b/a Secure Cash Systems, LLC Becomes Final

August 29, 2012

 

Atlanta, Georgia — On August 28, 2012, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Scott O’Neil, individually and d/b/a SCS Private Funding, d/b/a Secure Cash Systems, LLC located at 2778 Cumberland Blvd, Suite 373, Smyrna, Georgia 30080 became final.

This Order to Cease and Desist was issued by the Department after it obtained evidence that Scott O’Neil, individually and d/b/a SCS Private Funding, d/b/a Secure Cash Systems, LLC engaged in residential mortgage brokering and/or originating 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 make, originate, underwrite, hold, purchase, or service a mortgage loan without a mortgage license.  Further, 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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