Georgia Legislative Update

Georgia Legislative Update

Georgia House Bill 780

 

The Georgia legislature recently amended various laws governing financial institutions, effective May 3, 2018.

 

A prohibition order, which prohibits an individual from participating in any capacity in the affairs of a financial institution, may be issued by the Commissioner in connection with a suspension order.  Such prohibition order may provide that if an officer, director, or employee has been removed from office temporarily or permanently at a financial institution, he or she may also be prohibited from participating in any manner in the conduct of the affairs of any financial institution or any financial institution’s affiliate regulated by the Georgia Department of Banking and Finance (“Department”) during the time the prohibition order is in effect.

 

Unless otherwise provided, no person or corporation except a credit union or a federal credit union or a subsidiary of such credit union or federal credit union may use the words “credit union,” or any other similar name indicating that the business done is that of a credit union upon any sign at its place of business or elsewhere, or upon any of its letterheads, billheads, blank checks, blank notes, receipts, certificates, circulars, advertisements, or any other written or printed name.

 

“Service a mortgage loan” means the collection or remittance or the right to collect or remit payments of principal, interest, trust items such as insurance and taxes, and any other payments pursuant to a mortgage loan.

 

Information obtained during examinations and investigations of licensed mortgage lenders and brokers must be kept confidential. The Commissioner or an examiner for the Department may disclose such limited information as is necessary to conduct a civil or administrative investigation or proceeding.  Information contained in the records of the Department which is not confidential and may be made available to the public either on the Department’s website, upon receipt by the Department of a written request, or in the Nationwide Multistate Licensing System and Registry includes for mortgage brokers and mortgage lender:

  • The name, business address and telephone, facsimile, and license numbers of a licensee or registrant;
  • The names and titles of the principal officers;
  • The name of the owner or owners;
  • The business address of a licensee’s or registrant’s agent for service; and
  • The terms of or a copy of any bond filed by a licensee or registrant.