Tag Archive: "Georgia"
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Georgia Clarifies Definition of Mortgage Broker
House Bill 212 revises mortgage broker definition.
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Georgia Department of Banking and Finance Adopts 2018 Final Rulemaking
The Georgia Department of Banking and Finance has adopted new provisions pertaining to mortgage lenders, brokers, and servicers including updates to its mortgage servicing standards, and provides new provisions for mortgage lenders, brokers and servicers that meet the definition of “loan or finance company” under the Bank Secrecy Act.
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Georgia Modifies Provisions Relating to Powers of Attorney, Trusts, and Fiduciary Access to Digital Assets
The state of Georgia has modified provisions under its Power of Attorney Act, Revised Trust Code, and Uniform Fiduciary Access to Digital Assets Act. These provisions are effective as of July 1, 2018.
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Georgia Department of Banking and Finance Adopts Mortgage Servicing Rules
The State of Georgia Department of Banking and Finance (“the Department”) has adopted rules regarding mortgage servicing standards and records retention, effective July 19, 2017.
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Georgia Amends Provisions Relating to Financial Institutions and Enacts the Uniform Power of Attorney Act
The Georgia state legislature recently passed House Bill 221 enacting the Uniform Power of Attorney Act and House Bill 143 relating to the regulation of financial institutions.
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Georgia Adopts Various Provisions Applicable to Residential Mortgage Act
The Georgia Department of Banking and Finance adopted various provisions with respect to the Residential Mortgage Act including licensing fees, examinations and renewals, advertising requirements, maintenance of records, and administrative fines. These provisions are effective on July 10, 2016. Chapters 80-5 and 80-11: Financial Institutions and Brokers and Lenders 80-5-1-.07 License Renewal Periods and Requirements […]
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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 […]
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Georgia Adds Provisions Regarding TILA-RESPA Integrated Disclosures
October 30, 2015By Zachary Pearlstein, JDThe Georgia Department of Banking and Finance has recently added several provisions concerning the TILA-RESPA Integrated Disclosure requirements, effective November 16, 2015.(1) The new provisions state that every mortgage lender or mortgage broker must make the following disclosures in writing to applicants for residential mortgage loans: (a) within three business […]
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Georgia Updates Foreclosure Provisions
By Zachary Pearlstein, J.D.Effective July 1, 2015, the State of Georgia has updated its provisions regarding foreclosures, and the witnessing requisites of deeds, mortgages, and bills of sale.Code Section 44-5-30 of Title 44 of the Official Code of Georgia Annotated, relating to property, has been updated to state that except for documents electronically filed, a […]
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State of Georgia Modifies Loan Originator Licensing Requirements
by: Zachary PearlsteinGeorgia has recently updated its mortgage lender and broker licensing requirements, effective immediately. The state has exempted employees of certain nonprofit corporations, which promote affordable housing, from mortgage loan originator licensing requirements. The updated provisions state that employees of bona fide nonprofit corporations, who act as loan originators only for such corporations, and […]