Department of Banking and Finance Orders MiLend, Inc., to Comply with Advertising Requirements

January 6, 2016

Atlanta, Georgia — On January 5, 2016, an Order to Cease and Desist (“Order”) issued by the Georgia Department of Banking and Finance (“Department”) to MiLend, Inc., NMLS No. 148769, located at 375 Northridge Road, Suite 600, Atlanta, Georgia 30350, became final.

The Order was issued by the Department after it obtained evidence that MiLend, Inc., engaged in advertising in a manner that violated O.C.G.A. § 7-1-1016.  The Order directs MiLend, Inc., to cease and desist from engaging in activities in violation of the Georgia Residential Mortgage Act (“GRMA”).  The Order does not, however, prohibit MiLend, Inc., from continuing to operate as a Georgia licensed mortgage lender.

Pursuant to Georgia law, advertisements for loans regulated under the GRMA shall not be false, misleading, or deceptive.  Additionally, all such advertisements shall conform to the specific requirements of O.C.G.A. § 7-1-1016 and Department Rule 80-11-1-.02.

Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371