reglab/statecodes huggingface dataset:
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-1 - DISCLOSURE, ADVERTISING AND OTHER REQUIREMENTS › Rule 80-11-1-.06 - Compliance with Federal Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) For the purposes of this Rule,"loan or finance company" refers to every person subject to the licensing requirements of the Georgia Residential Mortgage Act ("GRMA") who satisfies the definition of a loan or finance company under the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act").
(2) Every loan or finance company shall develop and implement a written anti-money laundering program and comply with the filing requirements, recordkeeping requirements, currency transaction reporting, suspicious activity reporting, and other requirements set forth in the Bank Secrecy Act.
(3) Records required to be maintained under this Rule shall be maintained in accordance with Rule Chapter 80-11-2. Loan or finance companies may consult https://www.fincen.gov/resources/financial-institutions/mortgage-co-broker [File Link Not Available] for questions about the federal requirements.
O.C.G.A. §§
											7-1-61; 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-1 - DISCLOSURE, ADVERTISING AND OTHER REQUIREMENTS › Rule 80-11-1-.07 - Notice of Unauthorized Access to Personal Information

Current through Rules and Regulations filed through June 27, 2024
(1) In the event that a licensee provides notice under applicable federal or state law of an information security incident involving unauthorized access to personal information, then the licensee shall simultaneously provide a duplicate of such disclosure to the Department. For purposes of this rule, personal information is any record containing nonpublic personal information about a customer or potential customer whether in paper, electronic, or other form maintained by or on behalf of the licensee.
(2) Pursuant to O.C.G.A. §
									10-1-912, a business that satisfies the definition of an information broker is required to provide notice to Georgia residents in the event of a data breach that results in access or likely access to unencrypted personal information. In the event a licensee or an affiliate of a licensee is required to make such notification to Georgia residents, then a duplicate of the notification will simultaneously be submitted to the Department.
O.C.G.A. §§
											7-1-61, 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-1 - DISCLOSURE, ADVERTISING AND OTHER REQUIREMENTS › Rule 80-11-1-.08 - Information Security Safeguards for Consumer Financial Information

Current through Rules and Regulations filed through June 27, 2024
All licensees shall create and maintain an information security program to safeguard the nonpublic personal information of customers to the extent required by 16 C.F.R. Part 314 (the "Safeguards Rule"). As part of its regulatory oversight, the Department shall review, to the extent applicable, licensee's information security programs, risk assessments, incident response plans, and other required elements of the Safeguards Rule.
O.C.G.A. §§
											7-1-61, 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-1 - DISCLOSURE, ADVERTISING AND OTHER REQUIREMENTS › Rule 80-11-1-.09 - Electronic Service of Notice of Intent to Deny, Revoke, or Suspend License or Registration

Current through Rules and Regulations filed through June 27, 2024
Any notice served by the Department pursuant to O.C.G.A. §
									7-1-1017 shall first be sent by email to the email address of record that the applicant, licensee, or registrant has designated as their email address for regulatory contact on file with the Nationwide Multistate Licensing System and Registry. Any notice sent by email shall be deemed delivered once the Department receives a non-automated affirmative response from the intended recipient of such notice and no further service will be thereafter attempted by the Department in relation to that notice. If the Department does not receive an affirmative response from the intended recipient within five business days of emailing the notice to the email address of record, the Department shall then attempt to deliver the notice via registered or certified mail or statutory overnight delivery to the principal place of business of such applicant, licensee, or registrant. In the event the above methods of service are unsuccessful, the Department may attempt to deliver the notice under any other method of lawful service.
O.C.G.A. §§
											7-1-61, 7-1-1012, 7-1-1017.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-2 - BOOKS AND RECORDS › Rule 80-11-2-.01 - Mortgage Broker and Lender Location Requirement and Minimum Retention Period

Current through Rules and Regulations filed through June 27, 2024
(1) Any mortgage broker or lender required to be licensed or registered under Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated ("licensee" or "registrant") must maintain required books, accounts and records at the principal place of business. Should a licensee or registrant wish to maintain such records elsewhere, it must notify the department in writing via the Nationwide Multistate Licensing System and Registry prior to said books, accounts, and records being maintained in any place other than the designated principal place of business.
(2) Books, accounts and records maintained at a location other than the principal place of business shall be made available to the department within five (5) business days from the date of written request by the department and at a reasonable and convenient location acceptable to the department.
(3) "Principal place of business" means the location designated as the main office by the licensee or registrant in the initial written application for licensure or registration or as amended thereafter in writing to the department.
(4) All books, records and accounts required by Rule  80-11-2-.02(1)(b), (c), (d), (e), (f), (g), (h), (j), and (m)  and Rule  80-11-2-.03  must be maintained for a period of five (5) years. All books, records and accounts required by Rule  80-11-2-.02(1)(a), (i), (k) and (l)  and by Rule  80-11-2-.04  must be maintained and kept complete for a period of five (5) years from the final disposition of the loan application to which the records relate (e.g. five (5) years from date application denied or cancelled or five years from date mortgage loan closed). All books, records, and accounts required by Rule  80-11-2-.02(1)(n)  must be maintained for a period of five (5) years from the date of the employee no longer working for the licensee.
(5) Any books, accounts or records required to be maintained by Chapter 80-11-2 of the Rules of the Department of Banking and Finance may be maintained in their original form, on microfiche or other electronic media, provided:
(a) that the records shall be made available to the department as provided in this Rule; and
(b) at the request of the department, the records shall be printed on paper for inspection or examination.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-2 - BOOKS AND RECORDS › Rule 80-11-2-.03 - Mortgage Loan Transaction Journal

Current through Rules and Regulations filed through June 27, 2024
(1) Any person who is acting as a mortgage broker and who is required to be licensed under Article 13 of Title 7, whether as a broker or a lender ("licensee"), shall maintain a journal of mortgage loan transactions which shall include, at a minimum, the following information:
(a) Full name of proposed borrower and all co-borrowers, and the last four digits of their social security number(s);
(b) Date customer applied for the mortgage loan;
(c) Name and Nationwide Mortgage Licensing System and Registry (NMLSR) unique identifier of the loan officer responsible for the loan application whose name also appears on the application;
(d) Disposition of the mortgage loan application and date of disposition. The journal shall indicate the result of the loan transaction. The disposition of the application shall be categorized as one of the following: loan closed, loan denied, application withdrawn, application in process or other (explanation); and
(e) The journal shall clearly identify if the mortgage loan originator utilized temporary authority to operate at any point in the application or loan process. For such mortgage loan originators that utilize temporary authority, the journal should also identify the final status of the mortgage loan originator's Georgia license application as one of the following: approved, withdrawn, or denied.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-2 - BOOKS AND RECORDS › Rule 80-11-2-.04 - Mortgage Loan Files

Current through Rules and Regulations filed through June 27, 2024
(1) Any person who is acting as a mortgage broker and who is required to be licensed under O.C.G.A. Title 7, Article 13, whether as a broker or a lender ("licensee"), shall maintain a loan file for each mortgage loan transaction. The files shall be maintained in an alphabetical or numerical sequence in the principal place of business or in each branch office where mortgage loans are originated, provided that the branch office is indicated on the licensee's initial written application for licensure or written amendment thereto.
(2) Each loan file shall contain the following:
(a) Copy of the signed mortgage loan application with the Nationwide Multistate Licensing System and Registry (NMLSR) unique identifier of the mortgage loan originator if the application form is received by the licensee;
(b) Copy of credit report if the credit report is pulled or ordered by the licensee;
(c) Copy of the appraisal and the order for such appraisal if the appraisal is ordered by the licensee;
(d) Copy of signed closing statement (HUD-1) or documentation of denial or cancellation of loan application;
(e) Copies of the disclosure documents required by Rule  80-11-1-.01;
(f) Copies of all contracts, letters, notes and memos regarding the customer, including but not limited to lock-in agreements and commitment agreements; and
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-2 - BOOKS AND RECORDS › Rule 80-11-2-.05 - Repealed

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. Secs. 7-1-61, 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.01 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. §§
										7-1-61, 7-1-1004, 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.02 - Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. §§
										7-1-61, 7-1-1003.7, 7-1-1004, 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.03 - Licensing Requirements; Registrants; Exemptions

Current through Rules and Regulations filed through June 27, 2024
(1) The Department will take appropriate action against all persons found to be improperly engaging in mortgage brokerage or lending activities without a license or valid exemption. In accordance with O.C.G.A. §
									7-1-1018(a), if proper evidence is provided to the Department within thirty (30) days of the date the Order is issued that shows the person had the proper license or was acting pursuant to a valid exemption at the time noted in the Order, the Order shall be rescinded by the Department.
(2) The exemption from licensing provided pursuant to O.C.G.A. §
									7-1-1001(a)(14)  to an employee of a licensee or exemptee applies only to natural persons who meet all of the following criteria:
(a) An employee must be employed by just one licensee or exemptee and work exclusively for that person;
(b) An employee may not solicit, process, or place loans for anyone else while claiming the exemption;
(c) An employee's procedures and activities must be supervised by the licensee or exemptee on a daily basis, and the licensee or exemptee is responsible for the actions of such employees. This requirement is intended to make it clear that employers control and are accountable for the actions of their employees; and
(d) An employee may not be paid or compensated for performance of mortgage activity as an independent contractor or on a 1099 basis, except as specifically provided for in O.C.G.A. §
										7-1-1001(a)(17).
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.04 - Temporary License. Repealed and Reserved

Current through Rules and Regulations filed through June 27, 2024
O.C.G.A. Sec. 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.05 - Knowing Purchase, Sale or Transfer of Loan or Loan Application from Unlicensed Entity, Mortgage Loan Originator Sponsorship Excluded

Current through Rules and Regulations filed through June 27, 2024
(1) It is prohibited for any person to knowingly purchase, sell or transfer a mortgage loan or loan application to or from an unlicensed mortgage loan originator, mortgage lender or broker, unless that entity is exempt from licensure or qualified to operate under the temporary authority provisions of 12 U.S.C. §
										5117. It is expected that all persons who purchase, sell, or transfer mortgage loans use reasonable diligence to determine whether the entities they do business with are licensed or exempt from licensure. To that end, the Department makes available through NMLS Consumer Access information as to whether an entity is licensed.
(2) Obtaining a copy of an entity's annual license shall not be sufficient evidence of a current license since revocation proceedings occur throughout the year.
(3) Failure by a licensee to exercise reasonable diligence to determine whether an entity is licensed or exempt from licensure may result in a fine or other administrative action, including, but not limited to, license revocation.
(4) The mere act of sponsoring an employee seeking licensure from the Department as a mortgage loan originator through the Nationwide Multistate Licensing System and Registry shall not be regarded in and of itself as engaging in the mortgage business with an unlicensed person as long as the applicant is not performing for the sponsoring licensee or registrant those regulated activities set forth in O.C.G.A. §
									7-1-1000(22)  unless qualified to operate under the temporary authority provisions of 12 U.S.C. §
										5117.
O.C.G.A. §§
											7-1-1012, 7-1-1002.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.06 - Reserved

Current through Rules and Regulations filed through June 27, 2024
Authority O.C.G.A. Secs. 7-1-1001, 7-1-1003.4, 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.07 - Loan Processors as Brokers

Current through Rules and Regulations filed through June 27, 2024
(1) Mortgage brokers include persons who directly or indirectly solicit, process, place or negotiate or offer mortgage loans for others. A loan processor is a mortgage broker and will require a mortgage broker license to process loans on Georgia real property that meet the definition of "mortgage loan" in O.C.G.A. §
									7-1-1000(21).
(2) A loan processor employed as a W-2 employee of a Georgia Residential Mortgage Act licensee who meets all of the qualifications for exemption under O.C.G.A. §
									7-1-1001 does not require a license. A loan processor who works as an independent contractor or who owns or controls a company that does loan processing is required to have a license.
(3) Generally, to process a loan means to collect and/or verify from a borrower or other person, information that is necessary to underwrite or to submit for underwriting, a mortgage loan application package. Activities including but not limited to the following may qualify as loan processing:
(a) Reviewing, and processing real estate loan applications.
(b) Ordering, obtaining and evaluating credit reports, real estate appraisals, flood certifications, location surveys, termite inspections, well/septic inspections, surveys, etc.
(c) Ordering, obtaining, and evaluating real property ownership information, including a title insurance policy insuring lender's valid lien position. Title insurance companies that handle only title insurance for a particular loan are not loan processors.
(d) Communicating with applicants as necessary to obtain additional information needed to process a loan.
(e) Obtaining verifications of income, employment, address, etc. as requested by a broker, lender or mortgage loan originator.
(f) Performing escrow account analyses; taking steps required to establish escrow accounts.
(g) Providing certain real estate loan disclosures on behalf of lender.
(h) Compiling and transmitting completed real estate loan application packages to lenders.
(i) Maintaining, collecting, and/or reporting any data necessary to comply with applicable statutory and regulatory requirements.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.08 - Restrictions on Employment and Licensing

Current through Rules and Regulations filed through June 27, 2024
(1) No person who has been an officer, director, partner or ultimate equitable owner of a licensee that has had its license revoked, denied or suspended, may perform any of those roles at another licensee or registrant for five years from the date of the final order.
(2) Felony convictions; restrictions on the employee and the licensee:
(a) Licensees are responsible for ensuring that no covered employees or individuals that direct the affairs of their business are convicted felons.
(b) O.C.G.A. §
										7-1-1004 provides for remedies to "cure" a felony conviction. These remedies must be completed and in place prior to employment. Hiring or continuing to employ a covered employee with an unremedied felony conviction subjects a licensee to revocation of its license.
(c) If a licensee discovers that a covered employee or director/officer is a felon at the time of hire or subsequently becomes a felon and has not satisfactorily "cured" the conviction, the violation of O.C.G.A. §
										7-1-1004 must be immediately corrected or the license will be subject to revocation. Such individuals with felony convictions are ineligible for an employee exemption and are in violation of O.C.G.A. §
										7-1-1019, also a felony, and O.C.G.A. §§
										7-1-1004 and 7-1-1002. The licensee employer is in violation of O.C.G.A. §§
										7-1-1004 and 7-1-1002.
(d) A cease and desist order to a person for failure to meet the employee exemption due to a violation of the felony provisions of O.C.G.A. §
										7-1-1004 shall become final in 30 days without a hearing. Such a person must show within those 30 days, by certified court documents that the record is erroneous, or, that the "cure" provisions in O.C.G.A. §
										7-1-1004 were completed prior to employment, in order to stop the order from becoming final. In the event such proof is provided, the order will be rescinded.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.09 - Challenges to Information Entered into the Nationwide Multistate Licensing System and Registry

Current through Rules and Regulations filed through June 27, 2024
A mortgage broker or lender licensee or registrant may challenge information entered by the Department into the Nationwide Multistate Licensing System and Registry. All challenges must be sent to the Department in writing addressed to the attention of the Deputy Commissioner of Non-Depository Financial Institutions. Once received, the Department shall consider the merits of the challenge raised and provide the licensee or registrant with a written reply that shall be the agency's final decision in response thereto.
O.C.G.A. §
										7-1-1004.2.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.10 - Verification of Lawful Presence Citizenship Affidavit

Current through Rules and Regulations filed through June 27, 2024
(1) Pursuant to O.C.G.A. §
									50-36-1, the Department is required to obtain an affidavit verifying the lawful presence of every natural person that submits an application for a license as a mortgage broker or mortgage lender or a registration on behalf of an individual, business, corporation, partnership, limited liability company, or any other business entity. For businesses, corporations, partnerships, limited liability companies, and other business entities (collectively "company applicant"), only an owner or executive officer that is authorized to act on behalf of the company applicant is authorized to submit the required signed and sworn affidavit.
(2) In the event the individual that executed the lawful presence affidavit on behalf of the company applicant is no longer an owner or executive officer of the licensee or registrant, the licensee or registrant must notify the Department within ten (10) business days following the date of the occurrence and provide the Department with an affidavit from a current owner or executive officer verifying his or her lawful presence on behalf of the licensee or registrant. The failure to disclose within ten (10) business days that the owner or executive officer that executed the lawful presence affidavit is no longer in that position with the licensee or registrant or to timely submit a new affidavit from a current owner or executive officer may subject the license or registration to revocation, suspension, or other administrative action.
O.C.G.A. §
										7-1-1003; §
										7-1-1004; §
										7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-4 - LICENSING › Rule 80-11-4-.12 - License Renewal Periods and Requirements for Mortgage Brokers, Mortgage Lenders, and Mortgage Originators

Current through Rules and Regulations filed through June 27, 2024
(a) For purposes of this rule the Nationwide Multistate Licensing System and Registry (NMLSR) is defined as a uniform multi-state administration of an automated licensing system for mortgage brokers, mortgage lenders, and mortgage loan originators. The department's participation in NMLSR is authorized by O.C.G.A. §
									7-1-1003.5.
(b) All applications for new licenses or registrations must be made through NMLSR. Fees for new applications include an initial Department investigation fee and the appropriate application fee for the application type. Applications for new licenses and registrations which are approved between November 1 and December 31 in any year will not be required to file a renewal application for the next calendar year. All fees are non-refundable.
(c) All licenses and registrations issued pursuant to the Georgia Residential Mortgage Act shall expire on December 31 of each year, and an application for renewal shall be made annually between November 1 and December 31 each year. Subsequent renewal applications and/or license fees must be received on or before December 1 of each year or the applicant will be assessed a late fee as set forth in these rules by license or registration type. A renewal application is not deemed received until all required information, including documentation of any required continuing education coursework, and corresponding fees, has been provided by the licensee. A proper renewal application not received on or before the December 1 renewal application deadline of each year cannot be assured of issuance or renewal prior to January 1, at which time the license or registration will expire. Unless a proper application has been received any license or registration which is not renewed on or before December 31 will require the applicant to file a reinstatement application in order to conduct mortgage business in the State after that date.
O.C.G.A. §
											7-1-1003.5.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-5 - MORTGAGE LOAN ORIGINATOR LICENSURE AND OTHER REQUIREMENTS › Rule 80-11-5-.01 - Mortgage Loan Originator Licensure Requirements

Current through Rules and Regulations filed through June 27, 2024
(1) A mortgage loan originator may not engage in the business of mortgage loan origination for a licensed residential mortgage broker or lender without first obtaining and maintaining a current Georgia mortgage loan originator's license issued by the Department through the Nationwide Multistate Licensing System and Registry ("NMLSR") or unless qualified to operate under the temporary authority provisions of 12 U.S.C. §
										5117.
(2) An applicant for mortgage loan originator's license must have a sponsor at and during the time his or her application is being considered for approval or renewal by the Department. Failure to have a sponsor at the time application for licensure is made on the NMLSR or while it is pending shall result in the application being administratively withdrawn by the Department, except that an applicant qualified to operate under the temporary authority provisions of 12 U.S.C. §
										5117 shall be subject to administrative action to deny the license application. In the event the applicant wishes to submit a new application after the application has been administratively withdrawn or denied, then the applicant shall be required to submit a new application as well as pay all associated fees. For purposes of this Rule Chapter, "sponsorship" means the authorization for a properly licensed mortgage loan originator to conduct business as an employee under and on behalf of a specific mortgage broker or mortgage lender's license or registration. Sponsorship must be initiated and maintained by the licensed or registered mortgage broker or mortgage lender employing a mortgage loan originator.
(3)
(a) As a continuing requirement of licensure, a mortgage loan originator must at all times have proper sponsorship on record with the NMLSR by a licensed or registered Georgia mortgage broker or mortgage lender.
(b) Sponsorship must be applied for and accepted by the Department. Once established, sponsorship can be removed by the employing licensee or registrant. It shall be the responsibility of every mortgage loan originator applicant and licensee to ensure that his or her sponsorship is correctly reflected at all times on the NMLSR.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-5 - MORTGAGE LOAN ORIGINATOR LICENSURE AND OTHER REQUIREMENTS › Rule 80-11-5-.02 - Books and Records Requirements; Examination

Current through Rules and Regulations filed through June 27, 2024
(1) The Department may examine the mortgage related books and records of any licensed mortgage loan originator as specified in O.C.G.A. §
									7-1-1009.
(2) Any person who is acting as a mortgage loan originator and is required to be licensed shall maintain a journal of mortgage loan transactions, which shall include, at a minimum, the following information:
(a) Full name of proposed borrower and all co-borrowers;
(b) Date the mortgage loan originator took application for the mortgage loan;
(c) Name and the unique identifier or Federal Regulatory Number of the mortgage licensee or registrant sponsoring the loan originator;
(d) Disposition of the mortgage loan application and date of disposition. The journal shall indicate the result of the loan transaction. The disposition of the application shall be categorized as one of the following: loan closed, loan denied, application withdrawn, application in process or other (explanation to be provided);
(e) The journal shall be kept current, updated no less frequently than every seven (7) days. The failure to initiate an entry to the journal within seven (7) business days from the date of the occurrence of the event required to be recorded in the journal shall be deemed a failure to keep the journal current.
(f) The journal shall clearly identify if the mortgage loan originator utilized temporary authority to operate at any point in the application or loan process.
(g) Failure to maintain the mortgage loan journal or to keep the journal current (incidental and isolated clerical errors or omissions shall not be considered a violation) may be grounds for suspension or revocation of the license or other appropriate administrative action and will subject the licensee to fines in accordance with regulations prescribed by the department.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-5 - MORTGAGE LOAN ORIGINATOR LICENSURE AND OTHER REQUIREMENTS › Rule 80-11-5-.03 - Licensed Location

Current through Rules and Regulations filed through June 27, 2024
All licensed mortgage loan originators must maintain an office of record with the Department. If the mortgage loan originator is not domiciled in Georgia, then the main office location of the sponsoring/employing licensee or registrant shall serve as the official employment address of the loan originator. Those licensed mortgage loan originators domiciled within Georgia must reflect the office from which they are supervised by their employer, either the main office or an approved branch location.
O.C.G.A. Sec. 7-1-1003.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-5 - MORTGAGE LOAN ORIGINATOR LICENSURE AND OTHER REQUIREMENTS › Rule 80-11-5-.06 - Administrative Actions; Nationwide Multistate Licensing System and Registry Information Challenges

Current through Rules and Regulations filed through June 27, 2024
(1) Final administrative actions taken against mortgage loan originators shall be considered public information and may be disseminated through the Nationwide Multistate Licensing System and Registry (NMLSR) and by the Department.
(2) A mortgage loan originator may challenge information entered by the Department into the NMLSR. All challenges must be sent to the Department in writing addressed to the attention of the Deputy Commissioner of Non-Depository Financial Institutions. Once received, the Department shall consider the merits of the challenge raised and provide the mortgage loan originator with a written reply that shall be the agency's final decision in response thereto.
O.C.G.A. §§
										7-1-61, 7-1-1003.6, 7-1-1004.2, 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-5 - MORTGAGE LOAN ORIGINATOR LICENSURE AND OTHER REQUIREMENTS › Rule 80-11-5-.07 - Information on the Nationwide Multistate Licensing System and Registry

Current through Rules and Regulations filed through June 27, 2024
(1) It shall be the sole responsibility of each mortgage loan originator applicant and licensee to keep current at all times his or her information on the Nationwide Multistate Licensing System and Registry ("NMLSR"), including, but not limited to, his or her employment history, e-mail address, telephone numbers, facsimile number, and residential history. Amendments to any information on file with the NMLSR must be made by the applicant or licensee within ten (10) business days of the date of the event necessitating the change. The Department shall have no responsibility for any communication not received by an applicant or licensee due to his or her failure to maintain current contact information on the Nationwide Multistate Licensing System and Registry as required.
(2) Amendments to any responses to disclosure questions on a mortgage loan originator applicant or licensee's NMLSR MU-4 must be made within ten (10) business days following the date of the event necessitating the change. Failure by an applicant for a mortgage loan originator's license to timely update the applicant's MU-4 may result in the denial or administrative withdrawal of his or her license application. In the case of a licensed mortgage loan originator, failure to timely update any disclosure information on the NMLSR MU-4 may result in the revocation of his or her license.
O.C.G.A. §§
										7-1-61, 7-1-1003, 7-1-1004.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-5 - MORTGAGE LOAN ORIGINATOR LICENSURE AND OTHER REQUIREMENTS › Rule 80-11-5-.08 - Bona Fide Nonprofit Corporations

Current through Rules and Regulations filed through June 27, 2024
(1) An employee of a nonprofit corporation that the Department has determined is a bona fide nonprofit corporation pursuant to O.C.G.A. §
									7-1-1001(a)(18)  and this Rule is exempt from the requirement of obtaining a mortgage loan originator license for the period of time that the Department's determination is in place. This exemption from licensure does not apply if the employee originates residential mortgage loans outside the scope of the employee's duties and employment at the bona fide nonprofit corporation.
(2) A nonprofit corporation may request that the Department determine it is a bona fide nonprofit corporation for purposes of O.C.G.A. §
									7-1-1001(a)(18). The nonprofit corporation shall submit to the Department a determination request in such form and manner and with such supporting documentation as required to enable the Department to conclude whether the nonprofit corporation satisfies the criteria set forth in O.C.G.A. §
									7-1-1001(a)(18)  and this Rule.
(3) One of the factors that the Department must consider in determining whether an entity is a bona fide nonprofit corporation is whether it complies with O.C.G.A. §
									7-1-1001(a)(18)(vi)  and provides loan terms that are favorable to the borrower. The Department may consider the following loan terms when determining whether a loan is made in the best interest of the borrower:
(a) Loan terms that do not charge for the accrual of interest;
(b) Loan terms that charge interest at below market rates;
(c) Loan terms that require a borrower to qualify for the loan by the contribution of sweat equity; or
(d) Loan terms that forgive repayment in whole or in part, whether over a period of time, on a specified date, or subject to ownership or occupancy conditions.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-5 - MORTGAGE LOAN ORIGINATOR LICENSURE AND OTHER REQUIREMENTS › Rule 80-11-5-.09 - Temporary Authority to Operate

Current through Rules and Regulations filed through June 27, 2024
(1) A mortgage loan originator purporting to operate under the temporary authority requirements set forth in 12 U.S.C. §
										5117 is jointly responsible with the mortgage loan originator's sponsor for ensuring that the required disclosure under Rule  80-11-1-.01(11)  is provided. Nothing herein shall be construed as requiring a mortgage loan originator and the mortgage loan originator's sponsor to provide a duplicate of the required disclosure under Rule  80-11-1-.01(11).
(2) A mortgage loan originator purporting to operate under the temporary authority requirements set forth in 12 U.S.C. §
										5117 must indicate "TAO," "temporary authority to operate," or a substantially similar designation next to the signature line on any document, application, or disclosure signed by the mortgage loan originator in connection with any residential mortgage loan application, including but not limited to the negotiation of terms or the offering of a loan.
(3) Unless the following requirements have been satisfied, any mortgage loan originator who qualifies to operate under the temporary authority provisions of 12 U.S.C. §
										5117 must submit proof to the Department of enrollment in a class to satisfy the education requirements set forth in O.C.G.A. §
									7-1-1004(f) as well as registering to take the test as required by O.C.G.A. §
									7-1-1004(g). Such proof shall be submitted to the Department within thirty (30) days of receipt of the mortgage loan originator's application.
O.C.G.A. §§
											7-1-1001.1, 7-1-1012.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-6 - MORTGAGE SERVICING › Rule 80-11-6-.01 - Definitions

Current through Rules and Regulations filed through June 27, 2024
(1) As used in Chapter 80-11-6, the terms that are defined in O.C.G.A. §§
									7-1-4 and 7-1-1000 shall have the identical meaning.
(2) As used in Chapter 80-11-6, the below terms shall be defined as follows unless the term is otherwise defined in a specific rule:
(a) "Complete loss mitigation application" means an application in which a servicer has received all of the information that the servicer requires from a borrower in evaluating applications for loss mitigation options available to the borrower. A servicer shall exercise reasonable diligence in obtaining documents and information to complete a loss mitigation application.
(b) "Notice of error" means any written notice from the borrower that asserts an error and that includes the name of the borrower, information that enables the servicer to identify the borrower's mortgage loan account, and the error the borrower believes has occurred. A notice on a payment coupon or other payment form supplied by the servicer need not be treated by the servicer as a notice of error.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-6 - MORTGAGE SERVICING › Rule 80-11-6-.03 - Mortgage Servicer Location Requirements and Minimum Retention Periods

Current through Rules and Regulations filed through June 27, 2024
(1) Each servicer must maintain required books, accounts, and records at the principal place of business. Should a servicer wish to maintain such records elsewhere, it must notify the department in writing prior to said books, accounts, and records being maintained in any place other than the designated principal place of business. Such notification shall be submitted to the Department of Banking and Finance, 2990 Brandywine Road, Suite 200, Atlanta, Georgia 30341.
(2) Books, accounts, and records maintained at a location other than the principal place of business shall be made available to the department within five (5) business days from the date of written request by the department and at a reasonable and convenient location acceptable to the department.
(3) "Principal place of business" means the location designated as the main office by the licensee or registrant in the initial written application for licensure or registration or as amended thereafter in writing to the department.
(4) All books, accounts, and records required by Rule  80-11-6-.04(1)(a)  must be maintained in accordance with Rule  80-11-2-.01(4). All books, accounts, and records required by Rule  80-11-6-.04(1)(b)  must be maintained for a period of five (5) years after the date a mortgage loan is discharged or servicing rights for a mortgage loan are transferred by the servicer to a transferee servicer or otherwise terminated.
(5) Any books, accounts or records required to be maintained by Rule Chapter 80-11-6 of the Rules of the Department of Banking and Finance may be maintained in their original form, on microfiche or other electronic media, provided:
(a) that the records shall be made available to the department as provided in this Rule; and
(b) at the request of the department, the records shall be printed on paper for inspection or examination.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS › Subject 80-11-6 - MORTGAGE SERVICING › Rule 80-11-6-.04 - Minimum Requirements for Books and Records

Current through Rules and Regulations filed through June 27, 2024
(1) Each servicer must maintain the following books, accounts, and records:
(a) Copies of all documents required by Rule Chapter 80-11-3;
(b) Servicer file for each mortgage loan that it services. The servicer file must contain the following:
1. the name of each borrower;
2. copies of all contracts, deeds, assignments, letters, notes, and memos regarding the borrower;
3. documents related to assignment, sale, or transfer of mortgage loan servicing;
4. copies of all disclosures or notices provided to the borrower by the servicer as required by law, including Rules  80-11-1-.01  and  80-11-6-.02;
5. copies of all written requests for information received from the borrower and the servicer's response to such requests as required by law;
6. full payment history that identifies and itemizes payments made by or on behalf of the borrower, all fees and charges assessed under the mortgage loan transaction, and escrow account activity;
7. a copy of any bankruptcy plan approved in a proceeding filed by the borrower or a co-owner of the property subject to the mortgage loan;
8. a communications log, which documents all verbal communication with the borrower or the borrower's representative;
9. a record of all efforts by the servicer to comply with the duties required under Rule  80-11-6-.02(2)(d), including all information utilized in the servicer's determination regarding loss mitigation proposals offered to the borrower;
10. a copy of all notices sent to the borrower related to any foreclosure proceeding filed against the encumbered property; and
11. records regarding the final disposition of the mortgage loan including a copy of any collateral release document, records of servicing transfers, charge-off information, or REO disposition.
(c) A list of all servicer's violations, if any, of the mortgage servicer standards set forth in Rule  80-11-6-.02.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.01 - Eligibility

Current through Rules and Regulations filed through June 27, 2024
A corporation, organized solely under the laws of Georgia, that performs or seeks to perform merchant acquiring activities or settlement activities may apply to the Department for an MALPB charter.
O.C.G.A. §§
										7-9-3, 7-9-8, 7-9-13.
Compilation of Rules and Regulations of the State of Georgia › Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE › Chapter 80-12 - MERCHANT ACQUIRER LIMITED PURPOSE BANKS › Subject 80-12-2 - APPLICATION PROCESS › Rule 80-12-2-.02 - Applications Manual and Statement of Policies

Current through Rules and Regulations filed through June 27, 2024
Specific requirements for documents, meetings with the Department and publication of notices are contained in the Applications Manual and the Statement of Policies of the Department. The Department can amend its Applications Manual and Statement of Polices at any time. In the event the Department amends either its Applications Manual or Statement of Policies while an application is pending, the applicant will amend its application in order to submit any additional information or documentation that the amendment may require.
O.C.G.A. §§
										7-9-3, 7-9-13.