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Department Enters into Consent Order with BayBurg Financial, Inc. and its Owner, Adam Bayer

Department Enters into Consent Order with BayBurg Financial, Inc. and its Owner, Adam Bayer

September 24, 2012

 

Atlanta, Georgia - On September 21, 2012, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with BayBurg Financial, Inc. License Number 23939, located at 2972 NW 60th Street, Ft. Lauderdale, Florida, 33309, and its owner, Adam Bayer, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act.

The terms of the Consent Order include the following:

The surrender of the mortgage broker’s license of BayBurg Financial, Inc. is effective as of September 21, 2012.  BayBurg Financial, Inc. may not apply to the Department for another license to be a mortgage broker or mortgage lender;

Adam Bayer is prohibited from making an application for a Georgia mortgage broker or Georgia mortgage lender’s license, either in his individual capacity or as the owner or officer of a corporation, partnership, or limited liability company. 

Adam Bayer is prohibited from directing the affairs of a mortgage broker or mortgage lender, and from acting as a director, officer, partner, equitable owner or any other equivalent role for a mortgage broker or mortgage lender.

Effective September 21, 2012, the Order to Cease and Desist issued to Adam Bayer is a Final Order of the Department.

 

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/