STATE OF GEORGIA DEPARTMENT OF BANKING AND FINANCE

STATE OF GEORGIA

DEPARTMENT OF

BANKING AND FINANCE

BULLETIN¡­

BULLETIN¡­

BULLETIN¡­

BULLETIN¡­

SONNY PERDUE

GOVERNOR

BULLETIN¡­

ROB BRASWELL

COMMISSIONER

SPECIAL EDITION

IMPORTANT NOTICE

ADOPTED RULEMAKING

December 15, 2008

DEPARTMENT OF BANKING AND FINANCE

FINAL REGULATIONS

Adopted December 15, 2008

To all interested persons:

Notice is hereby given that pursuant to the authority granted to it in the Georgia

Administrative Procedures Act, Official Code of Georgia Annotated (O.C.G.A.) Chapter

50-13 and by authority of O.C.G.A. ¡ì 7-1-61, O.C.G.A. ¡ì 7-1-663; O.C.G.A. ¡ì 7-1-1012,

and other cited statutes, the following attached Rules of the Department of Banking and

Finance have been finally adopted on December 15, 2008. They were filed with the

Secretary of State on December 15, 2008, and will be effective 20 days following or

January 5, 2009.

Summary:

The attached rules were proposed and distributed on November 14, 2008. We received

four written comment letters. No changes to the Proposed Rules were made. The

Department believes these Final Rules encourage safety and soundness, safe and fair

mortgage lending, and conform to the law. This set of rules is your copy of the Final

Rules.

Page 2 of 12

80-5-1-.02 License, Registration and Supervision Fees for Check Cashers and

Sellers, Money Transmitters, Representative Offices and Mortgage Lenders and

Brokers; Due Dates.

In order to accommodate participation in the Nationwide Mortgage Licensing System,

changes have been added to this Rule which will limit an application and license fee for

mortgage lenders and brokers to cover the main office; each branch office will be

assessed a fee; and date changes have been made for renewal applications and license and

registration fees which now must be received before December 1 of each year instead of

April 1.

-------------------------------------------------------------------------------------------80-5-1-.07 License Renewal Periods and Requirements for Mortgage Brokers and

Lenders.

This Rule has been added to facilitate the transition of mortgage brokers and mortgage

lenders to the Nationwide Mortgage Licensing System (NMLS) and the conversion from

a fiscal year licensing period to a calendar year licensing period. All licensees and

registrants will be required to set up an account on NMLS as referenced in this Rule.

There will be a transitional six-month licensing period to complete the conversion from

the current renewal due date of April 1 to a December 1 renewal due date. After the

conversion year period, all licenses and registrations will expire on December 31 of each

year.

-------------------------------------------------------------------------------------------80-11-4-.01 Initial Experience and Education Requirements; Continuing Education.

A change has been made to this Rule reflecting the due date for continuing education

hours consistent with a calendar year licensing period.

-------------------------------------------------------------------------------------------80-11-4-.06 Wholly Owned Subsidiaries of Lenders; Notification Statement; When

Registration Required.

A change to this Rule has been made reflecting the due date for registration consistent

with a calendar year registration period.

Page 3 of 12

ADOPTED RULES

80-5-1-.02 License, Registration and Supervision Fees for Check Cashers and

Sellers, Money Transmitters, Representative Offices and Mortgage Lenders and

Brokers; Due Dates.

(1) Check sellers and money transmitters.

(a) The annual license fee is two thousand dollars ($2,000).

(b) The annual renewal license fee is two thousand dollars ($2,000) for check sellers

and one thousand dollars ($1,000) for money transmitters and shall be due and must be

received by the Department on or before the first day of November of each year. Where

the person or corporation engages in both the sale of checks and money transmission, the

higher of the two fees shall be due and payable. Annual license renewal fees not

received prior to November 1 will be assessed a late fee of three hundred dollars ($300)

and cannot be assured of issuance or renewal prior to January 1.

(c) An additional non-refundable application investigation fee of two hundred fifty

dollars ($250) will be assessed.

(d) All check seller and money transmitter licenses shall expire on December 31 of

each year.

(2) Check Cashers.

(a) The annual license fee is five hundred dollars ($500).

(b) The annual renewal license fee is five hundred dollars ($500).

(c) An initial investigation and supervision fee shall be seven hundred fifty dollars

($750) for the first year. It is not refundable, but if the license is granted it shall satisfy

the annual fee for the first license period.

(d) Initial and renewal license fees shall also include an additional fifty dollars ($50)

for the second and each additional location, plus a thirty dollars ($30) processing fee for

each set of fingerprint cards required to be submitted with the application.

(e) Annual renewal license fees shall be due and must be received by the Department

on or before the first day of August of each year. Annual renewal license fees not

received prior to the first day of August of each year will be assessed a late fee of three

hundred dollars ($300) and cannot be assured of renewal prior to October 1. Applicants

may not operate a check cashing business without a current license.

Page 4 of 12

(f) Check cashers desiring exemption pursuant to Rule 80-3-1-.02(4)(b) and

designated as Registrants shall file an initial application and pay a registration fee of two

hundred dollars ($200) and an annual renewal application and fee of one hundred dollars

($100) due and must be received by the Department on or before the first day of August

of each year. Annual renewal fees not received prior to the first day of August of each

year will be assessed a late fee of one hundred dollars ($100) and cannot be assured of

renewal prior to October 1.

(g) An initial investigation and supervision fee shall be three hundred dollars ($300)

for the first year. It is not refundable, but if the license is granted it shall satisfy the

annual fee for the first registration period.

(h) All check cashers licenses and registrants shall expire on September 30 of each

year.

(3) Registrants of representative offices, trust production offices, business production

offices, and loan production offices shall file a registration statement, as prescribed by the

Department, and shall pay a registration fee of one hundred fifty dollars ($150) on or

before the first day of January of each year. Such fee is intended to cover the costs of

responding to questions or complaints from consumers with regard to these entities doing

business in Georgia and is in lieu of registration under O.C.G.A. ¡ì16-14-15, as provided

in O.C.G.A. ¡ì7-1-11. Registrants of international bank representative offices shall pay a

registration fee of one thousand dollars ($1,000). Each bank holding company supervised

by or registered with the Department shall pay on or before January 31 of each year an

annual registration fee of one thousand dollars ($1,000). Each Georgia bank holding

company or holding company that owns a Georgia bank must pay five hundred dollars

($500) for each additional Georgia subsidiary corporation in those categories, provided,

however, any registrant required to register and pay a fee by another paragraph of this

chapter shall only be required to pay one fee which shall be the higher fee.

(4) Mortgage lenders and brokers, licensees and registrants.

(a) Lenders. The annual and renewal application and license fee for mortgage lenders

shall be one thousand dollars ($1,000). The initial one thousand dollars ($1,000) fee

covers the main office. Any branch offices included in the initial application shall be

assessed a fee of three hundred fifty dollars ($350) each. A fee of three hundred fifty

dollars ($350) will be assessed for each additional office not initially registered, if such

office is located in Georgia, and if mortgage lending activity is conducted at the office.

An initial investigation fee of two hundred fifty dollars ($250) per applicant shall also

apply. Subsequent renewal applications and license fees must be received before

December 1 of each year or the applicant will be assessed a late fee of three hundred

dollars ($300). A renewal application and license fee not received by the December 1

renewal application deadline of each year cannot be assured of issuance or renewal prior

to January 1, at which time the license or registration will be considered to be expired.

Applicants may not conduct a mortgage business without a current license or registration.

Page 5 of 12

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download