Final Cease and Desist Order against Ronald Raffield
Department issues Final Cease and Desist Order against Ronald Raffield
Atlanta, Georgia – On August 25, 2021, the Georgia Department of Banking and Finance issued an Order to Cease and Desist (“Order”) to Ronald Raffield for engaging in activities in violation of the Georgia Installment Loan Act, O.C.G.A. § 7-3-1 et seq. (“GILA”). The Order became final on September 16, 2021.
The Order provided that the Department had evidence that Mr. Raffield engaged in unlawful activities during the course of his employment with a licensed installment lender. These activities included forging signatures on loan documents, taking money given by a consumer to pay on a specific account and applying it to another consumer’s account, making fraudulent loans and applying the proceeds from such loans to other customer’s accounts, and preventing loans from charging off by applying payments the customer did not make.
Pursuant to O.C.G.A. § 7-3-43(d), the Department may revoke the license of an installment lender that employs an individual subject to a final cease and desist order under GILA within the past five (5) years.
Oscar B. Fears, III
Deputy Commissioner for Legal Affairs
Phone: (770) 986-1650
E-mail: [email protected]