2022 Georgia Code
Title 7 - Banking and Finance
Chapter 1 - Financial Institutions
Article 13 - Licensing of Mortgage Lenders and Mortgage Brokers
§ 7-1-1002. Transaction of Business Without a License, Registration, or Exemption Prohibited; Knowing Purchase of Mortgage Loan From Unlicensed or Nonexempt Broker or Lender Prohibited; Liability of Persons Controlling Violators

Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

1. It shall be prohibited for any person to transact business in this state directly or indirectly as a mortgage broker, a mortgage lender, or a mortgage loan originator unless such person:
   1. Is licensed or registered as such by the department utilizing the Nationwide Multistate Licensing System and Registry;
   2. Is exempted from the licensing or registration requirements pursuant to Code Section 7-1-1001;
   3. In the case of an employee of a mortgage broker or mortgage lender, has qualified to be relieved of the necessity for a license under the employee exemption in paragraph (14) of subsection (a) of Code Section 7-1-1001; or
   4. In the case of a mortgage loan originator, is supervised by a mortgage broker, mortgage lender, or exemptee on a daily basis while performing mortgage functions; is employed by and works exclusively for only one mortgage broker, mortgage lender, or exemptee; and is paid on a W-2 basis by the employing mortgage broker, mortgage lender, or exemptee, except those natural persons exempt from licensure as a mortgage broker or mortgage lender under paragraph (17) of subsection (a) of Code Section 7-1-1001. Each licensed mortgage loan originator shall register with and maintain a valid unique identifier issued by the Nationwide Multistate Licensing System and Registry. For the purposes of implementing an orderly and efficient mortgage loan originator process, the department may establish licensing rules or regulations and interim procedures for licensing and acceptance of applications.

   (a.1) A loan processor or underwriter who is an independent contractor shall not engage in the activities of a loan processor or underwriter unless such independent contractor loan processor or underwriter obtains and maintains a mortgage broker or mortgage lender license. Each independent contractor loan processor or underwriter licensed as a mortgage broker or mortgage lender shall have and maintain a valid unique identifier issued by the Nationwide Multistate Licensing System and Registry.

   History. Code 1981, § 7-1-1002 , enacted by Ga. L. 1993, p. 543, § 1; Ga. L. 1995, p. 673, § 33; Ga. L. 1996, p. 848, § 15; Ga. L. 1998, p. 795, § 28; Ga. L. 2000, p. 174, § 24; Ga. L. 2003, p. 843, § 17; Ga. L. 2009, p. 252, § 1/HB 312; Ga. L. 2010, p. 878, § 7/HB 1387; Ga. L. 2011, p. 518, § 9/HB 239; Ga. L. 2015, p. 5, § 7/HB 90; Ga. L. 2016, p. 390, § 6-1/HB 811; Ga. L. 2017, p. 774, § 7/HB 323; Ga. L. 2020, p. 493, § 7/SB 429.

   The 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 paragraph (a)(1), in the second sentence of paragraph (a)(4), and in the last sentence of subsection (a.1).

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