Georgia Department of Banking and Finance's Order to Cease and Desist Issued to Debbie King Becomes Final

August 23, 2011


Atlanta, Georgia — On August 19, 2011, an Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to Debbie King of Sparta, Georgia became final.

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

Pursuant to Department Rules, to be eligible for the employee exemption to mortgage broker/lender licensing provided by O.C.G.A. § 7-1-1001(14), among other things, employees (including loan processors and mortgage loan originators) must be employed by just one licensee and work exclusively for that licensee. 

It is 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 mortgage broker/lender licensure.

The Department may revoke the license of a mortgage broker or lender that employs an individual against whom a final Order to Cease and Desist has been issued within the preceding five years if the order resulted in a violation of O.C.G.A. § 7-1-1002.

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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