Georgia Department of Banking and Finance Obtains a Final Consent Order Directing Kondaur Capital Corporation to Obey Cease and Desist Order

June 6, 2011


Atlanta, Georgia -
On May 26, 2011, a Final Consent Order was entered in the Gwinnett County Superior Court resolving an action between Kondaur Capital Corporation (“Kondaur”) and the Georgia Department of Banking and Finance (“Department”). The underlying action had been filed by the Department based on Kondaur’s failure to comply with the terms of a cease and desist order.   

This cease and desist order was issued by the Department on April 9, 2009, after evidence was obtained that Kondaur was engaging in residential mortgage activities without a license or pursuant to an exemption from licensing laws. After this cease and desist order became final on May 10, 2009, the Department obtained information indicating that Kondaur engaged in mortgage lending activities for which a license was required.

Among other things, the terms of the Final Consent Order direct Kondaur to obey the Department’s final cease and desist order, forbid Kondaur from operating as an unlicensed Georgia residential mortgage broker or lender, and prohibit Kondaur from purchasing or accepting assignment of residential mortgage loans until such time as Kondaur may be licensed by the Department to do so. 

Failure to comply with the issuing court’s Final Consent Order may result in additional legal action being pursued against Kondaur by the Department.


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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