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Financial Services Law Insights and Observations

Georgia amends mortgage lender/broker licensing provisions

Licensing State Issues State Legislation Georgia Mortgages

On May 2, the Georgia governor signed SB 470, which amends state provisions related to mortgage lender and broker licensing. Among other things, the act: (i) defines a “covered employee” as “any employee of a mortgage lender or mortgage broker who is involved in residential mortgage loan related activities for property located in Georgia,” including but not limited to, “a mortgage loan originator, processor, or underwriter, or other employee who has access to residential mortgage loan origination, processing, or underwriting information”; (ii) adds “covered employee” to the list of persons for whom the Department of Banking and Finance may not issue a license or must revoke a license due to a felony conviction; and (iii) authorizes the Department to obtain conviction data with respect to a “covered employee.” The act is effective immediately.