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The State of Georgia Mortgage Lending Law & Compliance |
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This manual covers Georgia Laws relating to lending and compliance, including: GEORGIA RESIDENTIAL MORTGAGE ACT: • Definitions • Exemptions • Operating without a license • Applications for licenses • Physical place of business • Financial requirements for licensing & registration • Investigation of applicants • Annual license renewal • License: contents, posting, transferring • Notice of certain actions • Change of control • Maintenance of books, accounts, and records • Annual financial statements • Annual $6.50 per loan fee • Prohibition of certain acts • Disclosure requirements • Rules relative to escrow accounts • Regulations relative to advertising • Suspension or revocation • Cease and Desist orders • Criminal penalties MORTGAGE DIVISION RULES: • Examination, supervision, registration, application and other fees • Levy and collection • Other charges, fees • Approval of Branch Managers • Location requirement and minimum record retention • Minimum requirements for books and records • Mortgage Loan Transaction Journal • Audits • Experience and education requirements • Licensing requirements |
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