Department’s Order to Cease and Desist Issued to Kathleen Ricketts Becomes Final

June 6, 2016

Atlanta, Georgia - On June 1, 2016, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (the “Department”) to Kathleen Ricketts, Nationwide Multistate Licensing System and Registry (the “NMLS”) # 1165668, of Georgia, became final.

This Order to Cease and Desist was issued by the Department after it obtained evidence that Kathleen Ricketts violated the Georgia Residential Mortgage Act (the “GRMA”), namely, making false statements, submitting false documents, and pursuing a course of misrepresentation by use of fraudulent or unauthorized documents in violation of O.C.G.A. § 7-1-1013(1), (2), and (6), and providing false information to the Department in violation of O.C.G.A. § 7-1-1013(11).

Pursuant to O.C.G.A. § 7-1-1004(o), the Department shall not issue a license or registration to and may revoke a license or registration from a mortgage broker or mortgage lender applicant, licensee, or registrant if such person employs any other person against whom a final cease and desist order has been issued within the preceding five years if such order was based on a violation of O.C.G.A. §§ 7-1-1002, 7-1-1004(h), or 7-1-1013.

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

 

The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks (MALPBs) chartered in Georgia.  In addition, the Department has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, sellers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.

 

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KathleenRicketts_FinalOrder.pdf552.05 KB