§ 7-1-1010. Annual Financial Statements
If a mortgage broker is a United States Department of Housing and Urban Development loan correspondent, such broker shall also submit to the department the audit that is required for the United States Department of Housing and Urban Development. The department may require the mortgage broker to have made an audit of the books and […]
§ 7-1-1003. Applications for Licenses
An application for a license under this article shall be made in writing, under oath, and in such form as the department may prescribe. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the department and may be changed or updated as necessary by the department in order […]
§ 7-1-1003.2. Financial Requirements for Licensing and Registration; Bond Requirements
Each licensed or registered mortgage broker shall provide the department with a bond. The bond for a mortgage broker shall be in the principal sum of $150,000.00 or such greater sum as the department may require as set forth by regulation based on an amount that reflects the dollar amount of loans originated, and the […]
§ 7-1-1003.3. Application for Registration
An application to register as a mortgage lender or broker under this article shall be made annually in writing, under oath, on a form provided by the department, subject to requirements specified by rules and regulations of the department. History. Code 1981, § 7-1-1003.3 , enacted by Ga. L. 2000, p. 174, § 26; Ga. […]
§ 7-1-1003.5. Nationwide Multistate Licensing System and Registry
The department is authorized to: Participate in the Nationwide Multistate Licensing System and Registry in order to facilitate the sharing of information and standardization of the licensing and application processes for mortgage loan originators, mortgage brokers, and mortgage lenders by electronic or other means; Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and […]
§ 7-1-1003.6. Privileged or Confidential Nature of Information; Exception
Except as otherwise provided in the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, the requirements under any federal law or Georgia state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Multistate Licensing System and Registry and any privilege arising under federal or state law, […]
§ 7-1-1003.7. Approval of Mortgage Industry Related Courses; Application; Renewal Applications; Audits
Any education provider which offers mortgage industry related courses designed to satisfy education requirements as provided in subsection (c) of Code Section 7-1-1004 and associated department rules shall be approved by the department. An application under this Code section shall be made in writing, under oath, and in such form as the department may prescribe. […]
§ 7-1-1004. Investigation of Applicant and Its Officers; Audit; Education, Experience, and Other Requirements Relative to Licensees and Registrants
Upon receipt of an application for license or registration, the department shall conduct such investigation as it deems necessary to determine that the mortgage broker and mortgage lender applicant and the individuals who direct the affairs or establish policy for the mortgage broker and mortgage lender applicant, including the officers, directors, or the equivalent, are […]
§ 7-1-1004.1. Reports of Condition
Each mortgage broker and mortgage lender shall submit to the Nationwide Multistate Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the department and the Nationwide Multistate Licensing System and Registry may require. History. Code 1981, § 7-1-1004.1 , enacted by Ga. L. 2009, p. […]
§ 7-1-1004.2. Licensees’ Ability to Challenge Information
The department shall establish a process whereby licensees may challenge information entered into the Nationwide Multistate Licensing System and Registry by the department. History. Code 1981, § 7-1-1004.2 , enacted by Ga. L. 2009, p. 252, § 1/HB 312; Ga. L. 2016, p. 390, § 6-1/HB 811; Ga. L. 2020, p. 493, § 7/SB 429. […]