Georgia Modifies Provisions Regarding Banking and Finance
Georgia modified multiple provisions relating to banking and finance. These provisions are effective on July 1, 2016.
Mortgage Lenders and Brokers
The amendments replaced the phrase “Nationwide Mortgage Licensing System and Registry” with “Nation-wide Multistate Licensing System and Registry” in the following code sections:
- Code Section 7-1-1000, relating to definitions relative to mortgage lenders and brokers;
- Code Section 7-1-1001, relating to registration requirements and exemptions for mortgage lenders and brokers;
- Code Section 7-1-1002, relating to transaction of lending business without a license and liability;
- Code Section 7-1-1003.5, relating to Nationwide Mortgage Licensing System and Registry;
- Code Section 7-1-1003.6, relating to privileged or confidential nature of information provided to the Nationwide Mortgage Licensing System and Registry;
- Code Section 7-1-1004, relating to issuance or denial of license for a mortgage broker or lender;
- Code Section 7-1-1004.1, relating to reports of condition by mortgage broker and lender;
- Code Section 7-1-1004.2, relating to ability of mortgage broker and lender licensee to challenge information in the Nationwide Mortgage Licensing System and Registry;
- Code Section 7-1-1005, relating to the renewal and expiration of licenses and registrations of mortgage lenders and brokers;
- Code Section 7-1-1011, relating to annual fees set by department for mortgage loan originator, mortgage broker, and mortgage lender;
- Code Section 7-1-1013, relating to the prohibition of certain acts by licensees and registrants; and
- Code Section 7-1-1016, relating to regulations relevant to advertising by mortgage broker and mortgage lenders.
Prelicensing Education Requirements
Code Section 7-1-1004 was amended relating to issuance or denial of license for a mortgage broker or lender and prelicensing education requirements. The following rules were added;
- The department is authorized to enact rules and regulations related to the expiration of prelicensing education.
- A licensed mortgage loan originator who subsequently becomes unlicensed shall complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license or the prelicensing education in the event the prelicensing education has expired pursuant to the rules and regulations of the department.
- An individual meeting the requirements of subsection (e) of Code Section 7-1-1005 may make up any deficiency in continuing education as established by rule or regulation of the department.
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