LC 34 1355
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia
Annotated, relating to licensing of mortgage lenders and mortgage brokers, so as
to create a nation-wide automated licensing system for mortgage brokers and
mortgage lenders; to provide legislative findings; to provide for the Department
of Banking and Finance to participate in such a system; to provide for rules and
regulations; to provide for disbursement of fees minus expenses; to provide for
changing license renewal dates; to provide for related matters; to provide for
an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated, relating
to licensing of mortgage lenders and mortgage brokers, is revised by adding a
new Code section to read as follows:
"7-1-1003.5.
(a)
The General Assembly has determined that a uniform multi-state administration of
an automated licensing system for 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 multi-state automated licensing system for 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 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 via the nation-wide residential mortgage licensing system to
facilitate regulatory oversight of 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 Treasury and Fiscal Services; 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 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, or revoke licenses issued to mortgage
brokers and mortgage lenders under this article. Nothing in this Code section
shall be construed to reduce this authority."
SECTION
2.
This
Act shall become effective on July 1, 2008.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.