2010 Georgia Code
Title 7 - BANKING AND FINANCE
Chapter 1 - FINANCIAL INSTITUTIONS
E - 13. LICENSING OF MORTGAGE LENDERS AND MORTGAGE BROKERS
§ . 7-1-1003.5 -

O.C.G.A. 7-1-1003.5 (2010)
7-1-1003.5. Uniform multistate administration of automated licensing system for mortgage loan originators, mortgage brokers, and mortgage lenders


(a) The General Assembly has determined that a uniform multistate administration of an automated licensing system for mortgage loan originators, mortgage brokers, and mortgage lenders is consistent with both the public interest and the purpose of this chapter; therefore, for the sole purpose of participating in the establishment and implementation of a multistate automated licensing system for mortgage loan originators, mortgage brokers, and mortgage lenders, the department is authorized to:

(1) Participate in a nation-wide residential mortgage licensing system established 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;

(2) Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the nation-wide residential mortgage licensing system;

(3) Ensure that the nation-wide residential mortgage licensing system adopts an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law;

(4) Disclose or cause to be disclosed without liability applicant and licensee information, including, but not limited to, violations of this article and enforcement actions, via the nation-wide residential mortgage licensing system to facilitate regulatory oversight of mortgage loan originators, mortgage brokers, and mortgage lenders across state jurisdictional lines;

(5) Establish and adopt, by rule or regulation, requirements for participation by applicants and licensees in the nation-wide residential mortgage licensing system upon the department's finding that each new or amended requirement is consistent with both the public interest and the purposes of this article;

(6) Pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the nation-wide residential mortgage licensing system; and

(7) Modify by rule the license renewal dates set forth in Code Section 7-1-1005 for mortgage brokers and mortgage lenders from a fiscal year to a calendar year, including providing for a one-time, six-month licensing period accompanied by a one-time reduced fee during the conversion year from a fiscal licensing year to a calendar licensing year.

(b) Irrespective of its participation in a nation-wide residential mortgage licensing system, the department retains full and exclusive authority over determinations whether to grant, renew, suspend, or revoke licenses issued to mortgage loan originators, mortgage brokers, and mortgage lenders under this article. Nothing in this Code section shall be construed to reduce this authority.

HISTORY: Code 1981, 7-1-1003.5, enacted by Ga. L. 2008, p. 539, 1/HB 921; Ga. L. 2009, p. 252, 1/HB 312; Ga. L. 2010, p. 863, 2/SB 296.