On May 2, 2022, the Governor signed Georgia Senate Bill 470, which makes important changes to the Georgia Residential Mortgage Act to align more closely with other states’ licensing laws. In essence, Georgia modified its felony employment prohibition applicable to Georgia Residential Mortgage Act licensees so that it no longer applies to all employees of a licensee.
The prohibition now applies only to control persons and those employees who can touch Georgia loans. More particularly, in addition to control persons, the prohibition applies to “covered employees” who are “involved in residential mortgage loan related activities for property located in Georgia and includes, but is not limited to, a mortgage loan originator, processor, or underwriter, or other employee who has access to residential mortgage loan origination, processing, or underwriting information.” Senate Bill 470 became effective
May 2, 2022.
Please feel free to contact Loretta Salzano at email@example.com or 770-248-2881 with any questions.