Georgia Department of Banking and Finance's Orders to Cease and Desist Issued to 11 Limited Liability Companies Become Final

April 27, 2011


Atlanta, Georgia — On April 26, 2011, Orders to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to the following companies managed by Daniel Coosemans and/or John Olsen became final: 1M, LLC; 2-Banking One Funding, LLC; 6-Misproperties, LLC; 7-Bay Traders, LLC; 8-Bay Traders, LLC; 15-HELOCS Financing, LLC; 16-Asset Management Holdings, LLC; 18-HELOCS Financing, LLC; Assets Recovery 23, LLC; MIA Funding, LLC; and, 4-Traders Trust, LLC.  These entities are located at 1900 Sunset Harbour Drive, Second Floor, Miami Beach, Florida 33139.

These Orders to Cease and Desist were issued by the Department after it obtained evidence that the above-referenced companies 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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