06 LC 34
0575
Senate
Bill 505
By:
Senators Balfour of the 9th, Unterman of the 45th and Shafer of the 48th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 7-1-1001 of the Official Code of Georgia Annotated, relating
to exemptions for certain persons from the requirement of obtaining a mortgage
broker or mortgage lender license, so as to exempt certain exclusive agents of
licensed mortgage brokers or lenders; to provide for related matters; to provide
an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 7-1-1001 of the Official Code of Georgia Annotated, relating to
exemptions for certain persons from the requirement of obtaining a mortgage
broker or mortgage lender license, is amended by striking the word "or" at the
end of paragraph (12); by striking the symbol "." and inserting in lieu thereof
the symbol and word "; or" at the end of paragraph (13); and by adding a new
paragraph (14) to read as follows:
∀(14)
A natural person under an exclusive written agreement with any person licensed
under this article that is a subsidiary of a financial or bank holding company,
savings bank holding company, or thrift holding company and that has provided
the department with an undertaking of accountability on behalf of its exclusive
agents. To be exempt, such natural person must solicit, process, place, or
negotiate a mortgage loan only for such licensed person or an affiliate of such
person and must be at all times in compliance with the provisions and
prohibitions applicable to employees under Code Section
7-1-1004.∀
SECTION
2.
This
Act shall become effective on July 1, 2006.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.