Georgia State-Chartered Banks and Credit Unions Closure Procedures
In light of recent inquiries related to COVID-19, the Department would like to remind all Georgia State-Chartered Banks and Credit Unions of emergency closing notification procedures. Georgia Banks and Credit Unions Closure Procedures
Department’s Orders to Cease and Desist Issued to KSN Enterprises, LLC and Kenneth Edward Neil Become Final
Atlanta, Georgia — On July 3, 2019, Orders to Cease and Desist issued by the Georgia Department of Banking and Finance (“Department”) to KSN Enterprises, LLC, located at 2540 Chattahoochee Lane, Cumming, Georgia 30041, and its owner, Kenneth Edward Neil, became final.
The Orders to Cease and Desist were issued by the Department after it obtained evidence that KSN Enterprises, LLC engaged in residential mortgage lending, servicing, and/or originating 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, hold, purchase, 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 control a person engaged in unlicensed activity, or to act as a general partner, executive officer, joint venturer, or director of such person.
It is also prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371