Atlanta, Georgia - On March 14, 2016, the Bibb County Superior Court issued a Final Order and Judgment enjoining Kenneth Alan Inboden (“Mr. Inboden”) of Macon, Georgia, from further violation of the Order to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”).
On October 31, 2013, an Order to Cease and Desist issued by the Department became final against Mr. Inboden after it was found that he was a convicted felon employed by a Georgia mortgage broker. Convicted felons are not eligible for employment by a Georgia mortgage broker or lender. Further, Georgia law prohibits a person from transacting business as a mortgage broker or lender unless that person is licensed by the Department or is acting within an applicable exemption. O.C.G.A. § 7-1-1002(a).
The Department subsequently learned that Mr. Inboden violated the Order to Cease and Desist by continuing to engage in unlicensed mortgage broker and lending activities, including, but not limited to, directly or indirectly soliciting, processing, placing, or negotiating mortgage loans for others, or offering to solicit, process, place, or negotiate mortgage loans for others. As a result, the Department filed an action in the Bibb County Superior Court to obtain a court order to prevent Mr. Inboden from further violation of the Department’s Order to Cease and Desist.
The Bibb County Superior Court found Mr. Inboden to be in violation of the Order to Cease and Desist and ordered Mr. Inboden to comply with its terms.
Pursuant to the Georgia Residential Mortgage Act, mortgage brokers and lenders licensed by the Department are prohibited from hiring employees who are convicted felons or have a final Order to Cease and Desist against them under O.C.G.A. § 7-1-1002, such as Mr. Inboden.