The Department issues a Final Order to Cease and Desist against Lucy Ross.

Atlanta, Georgia – On or about November 16, 2023, the Georgia Department of Banking and Finance (“Department”) served an Order to Cease and Desist (“Order”) to Lucy L. Ross for engaging in activities in violation of the Georgia Installment Loan Act (“GILA”), O.C.G.A. § 7-3-1 et seq. The Order became final on December 11, 2023. 

The Order provided that the Department had evidence that Ms. Ross engaged in unlawful activities during the course of her employment with a licensed installment lender.  These activities involved fraudulently executing fifteen (15) loan agreements without the customers’ knowledge or consent by way of creating new customer accounts, renewing open active customer accounts, reopening paid out “former borrower” customer accounts, and retaining the proceeds from each fraudulently opened customer account.

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.

 

Contact:

Oscar B. Fears, III

Senior Deputy Commissioner

Phone: (770) 986-1650

E-mail: [email protected]

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