Atlanta, Georgia — On December 18, 2018, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to CM Asset Management LLC became final.

The Order to Cease and Desist was issued by the Department after it obtained evidence that CM Asset Management LLC engaged in residential mortgage lending activities without a license or under an applicable exemption in violation of O.C.G.A. § 7-1-1002.

Georgia law prohibits any person from directly or indirectly holding and/or purchasing mortgage loans without a mortgage license or pursuant to an exemption from licensure.

It is also prohibited for any person to knowingly 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: [email protected]

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, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.

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