Atlanta, Georgia – October 8, 2013 – (RealEstateRama) — On October 7, 2013, the Georgia Department of Banking and Finance (“Department”) entered into a Consent Order with David Lavar Jacobs, NMLS #258503 to resolve allegations pertaining to violations of the Georgia Residential Mortgage Act.
The terms of the Consent Order include the following:
David Lavar Jacobs shall not directly or indirectly transact business with any unlicensed “person,” unless that person is exempt from licensing or registration requirements.
David Lavar Jacobs shall not transact any business himself as an unlicensed person or otherwise violate O.C.G.A. § 7-1-1002.
David Lavar Jacobs shall properly maintain a journal of all Georgia residential mortgage loan transactions for which he is mortgage loan originator as required by Department Rule 80-11-5-.02. This journal shall contain entries for each and every potential borrower for whom Mr. Jacobs takes an application for a Georgia residential mortgage loan, including all individuals for whom credit checks are run.
For a five-year period, David Lavar Jacobs is prohibited from making an application for a Georgia mortgage broker or Georgia mortgage lender’s license, either in his individual capacity or as the owner or officer of a corporation, partnership, or limited liability company. During this five-year period, Mr. Jacobs shall also be prohibited from directing the affairs of a Georgia mortgage broker or Georgia mortgage lender including, but not limited to, as a branch manager, or from acting as a director, officer, partner, equitable owner, or any other equivalent role.
David Lavar Jacobs must contribute $2,000.00 to the State Regulatory Registry, LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors, to support the NMLSR.
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage loan originators, mortgage brokers, mortgage lenders, mortgage processors, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia. Visit us on the Web at: http://dbf.georgia.gov/