History. Code 1981, § 7-1-1009 , enacted by Ga. L. 1993, p. 543, § 1; Ga. L. 1996, p. 848, § 18; Ga. L. 1998, p. 795, § 30; Ga. L. 1999, p. 674, § 36; Ga. L. 2000, p. 174, § 30; Ga. L. 2000, p. 1589, § 3; Ga. L. 2001, p. 970, § 14; Ga. L. 2003, p. 843, § 20; Ga. L. 2007, p. 502, § 37/SB 70; Ga. L. 2009, p. 252, § 1/HB 312; Ga. L. 2010, p. 878, § 7/HB 1387; Ga. L. 2017, p. 193, § 26/HB 143; Ga. L. 2018, p. 214, § 25/HB 780; Ga. L. 2019, p. 828, § 35/HB 185; Ga. L. 2020, p. 320, § 21/HB 781; Ga. L. 2020, p. 493, § 7/SB 429.
The 2018 amendment, effective May 3, 2018, in the last sentence of the introductory paragraph of subsection (g), substituted “website, upon” for “website or upon” and inserted “, or in the Nation-wide Multistate Licensing System and Registry” near the end. See Editor’s notes for applicability.
The 2019 amendment, effective July 1, 2019, substituted the present provisions of subsection (b) for the former provisions, which read: “The department may, by its designated officers and employees, as often as it deems necessary, but at least once every 24 months, investigate and examine the affairs, business, premises, and records of any mortgage broker or mortgage lender required to be licensed or registered under this article insofar as such affairs, business, premises, and records pertain to any business for which a license or registration is required by this article. Notwithstanding the provisions of this subsection, the department has the discretion to examine a mortgage broker or mortgage lender less frequently, provided that its record of complaints, comments, or other information demonstrates that mortgage broker’s or mortgage lender’s ability to meet the standards of Code Sections 7-1-1003, 7-1-1003.2, and 7-1-1004. In the case of registrants, the department shall not be required to conduct such examinations if it determines that the registrant has been adequately examined by another bank regulatory agency. In order to avoid unnecessary duplication of examinations, the department may accept examination reports performed and produced by other state or federal agencies, unless the department determines that the examinations are not available or do not provide information necessary to fulfill the responsibilities of the department under this article.”
The 2020 amendments. —
The first 2020 amendment, effective January 1, 2021, substituted “unique identifier” for “license numbers” in paragraph (g)(1). The second 2020 amendment, effective July 29, 2020, part of an Act to revise, modernize, and correct the Code, substituted “Nationwide Multistate Licensing System and Registry” for “Nation-wide Multistate Licensing System and Registry” in the last sentence of the introductory paragraph of subsection (g).
Editor’s notes.
Ga. L. 2000, p. 1589, § 16, not codified by the General Assembly, provides that the amendment to this Code section is applicable with respect to notices delivered on or after July 1, 2000.
Ga. L. 2018, p. 214, § 26(b)/HB 780, not codified by the General Assembly, provides that: “It is not the intent of the General Assembly to affect the law applicable to litigation pending as of March 9, 2018.”
Law reviews.
For article, “Business Associations,” see 53 Mercer L. Rev. 109 (2001).
Structure Georgia Code
Chapter 1 - Financial Institutions
Article 13 - Licensing of Mortgage Lenders and Mortgage Brokers
§ 7-1-1003. Applications for Licenses
§ 7-1-1003.2. Financial Requirements for Licensing and Registration; Bond Requirements
§ 7-1-1003.3. Application for Registration
§ 7-1-1003.5. Nationwide Multistate Licensing System and Registry
§ 7-1-1003.6. Privileged or Confidential Nature of Information; Exception
§ 7-1-1004.1. Reports of Condition
§ 7-1-1004.2. Licensees’ Ability to Challenge Information
§ 7-1-1005. Renewal of Licenses and Registrations; Expiration
§ 7-1-1010. Annual Financial Statements
§ 7-1-1012. Rules and Regulations
§ 7-1-1013. Prohibition of Certain Acts
§ 7-1-1014. Regulations Governing Disclosure Required to Applicants for Mortgage Loans
§ 7-1-1015. Rules Relative to Escrow Accounts
§ 7-1-1016. Regulations Relative to Advertising
§ 7-1-1018. Cease and Desist Orders; Enforcement Procedure; Civil Penalty; Fines
§ 7-1-1019. Criminal Penalties
§ 7-1-1021. Regulations Governing Lock-in and Commitment Agreements