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GA SB470
Bill
Status
Passed
5/2/2022
Primary Sponsor
Randy Robertson
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AI Summary
- Creates a new definition of "covered employee" in Georgia's mortgage licensing law, meaning any employee of a mortgage lender or broker involved in residential mortgage loan activities for Georgia property, including loan originators, processors, underwriters, or those with access to loan origination/processing/underwriting information
- Replaces the term "agent" with "covered employee" in the list of persons whose felony conviction triggers the Department of Banking and Finance to deny or revoke a mortgage license or registration
- Requires mortgage broker and mortgage lender applicants, licensees, and registrants to bear primary responsibility for obtaining background checks on covered employees who work in Georgia and have authority to enter, delete, or verify information on mortgage loan applications
- Authorizes the Department of Banking and Finance to obtain conviction data on covered employees and to submit fingerprints to the Georgia Crime Information Center for background checks
- Effective upon approval by the Governor or upon becoming law without such approval
Legislative Description
Mortgage Lenders and Brokers; different categories of felony convictions for purposes of investigations of mortgage loan originator applicants; provide
Last Action
Effective Date 2022-05-02
5/2/2022
Committee Referrals
Banks and Banking3/16/2022
Banking and Financial Institutions2/8/2022
Full Bill Text
No bill text available