Georgia Department of Banking and Finance's Order to Cease and Desist Issued to Assets Recovery Center, LLC Becomes Final

February 28, 2011


Atlanta, Georgia — On February 28, 2011, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Assets Recovery Center, LLC (NMLS# 120328), currently located at 1900 Sunset Harbour Drive, Second Floor, Miami Beach, FL 33139 became final.

This Order to Cease and Desist was issued by the Department after it obtained evidence that Assets Recovery Center, LLC engaged in residential mortgage brokering/lending 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, or purchase mortgage loans or service mortgage loans without a mortgage license or pursuant to an exemption from licensure.

It is also 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.


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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