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GA SB483
Bill
Status
Introduced
3/11/2010
Primary Sponsor
Don Balfour
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AI Summary
- Amends Georgia Code Section 7-1-1001 to broaden the mortgage loan originator licensing exemption from applying only to wholly owned subsidiaries of holding companies to any entity that has an "exclusive relationship" with a depository institution or holding company
- Replaces references to "subsidiary" with "entity" throughout the exemption provision, expanding the types of organizations that can employ exempt independent contractor mortgage originators
- Requires the entity to provide an accountability undertaking backed by a surety bond of the lesser of $1 million or $50,000 per exempt person, covering financial responsibility, education, complaint handling, and supervision of exempt persons
- Eliminates the separate license fee provision that capped fees at the lesser of half the sum of individual license costs or $100,000, while retaining the requirement that the entity obtain and annually renew a mortgage broker or lender license
- Effective date of July 1, 2010; sponsored by Senators Balfour of the 9th and Hawkins of the 49th
Legislative Description
Banking; person who originates mortgage loans for only one depository institution as independent contractor; revise the exemption
Last Action
Senate Read and Referred
3/11/2010
Committee Referrals
Banking and Financial Institutions3/11/2010
Full Bill Text
No bill text available