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Department Enters into Consent Order with Equity Loans, LLC and its owners Eduardo Gutierrez Perez, Jr. and Kunjan R. Patel

Department Enters into Consent Order with Equity Loans, LLC and its owners Eduardo Gutierrez Perez, Jr. and Kunjan R. Patel

November 13, 2013

Atlanta, Georgia — On November 7, 2013, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with Equity Loans, LLC, License Number 23300, located at 1150 Hammond Dr., Building E, Suite 650, Atlanta, Georgia 30328, to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act.

The terms of the Consent Order include the following:

  • Equity Loans shall develop and implement policies that will ensure compliance with all applicable Georgia laws and regulations, including implementing measures to ensure that its business operations and employees are subject to an appropriate level of supervision at all times;
  • Equity Loans shall develop and implement policies that will ensure compliance with all applicable Georgia laws and regulations, including maintaining a record of the license numbers or exemption status of any mortgage loan originator, mortgage broker, mortgage lender or mortgage loan processor with whom Equity Loans conducts business;
  • Equity Loans shall pay fines to the Department in the amount of $8,500;
  • Equity Loans shall contribute $2,000.00 to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System;
  • Kunjan R. Patel shall contribute $500 to the State Regulatory Registry, LLC to support the Nationwide Mortgage Licensing System; and
  • Eduardo Gutierrez Perez, Jr. shall contribute $500 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

 

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/

 

Related Files: 
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Consent Order with Equity Loans, LLC300.46 KB