Summer-Fall 2020 Hot Topics

Georgia House Bill 781

Georgia passed House Bill 781, effective January 1, 2021. The Bill makes several amendments to the Georgia Residential Mortgage Act. Highlights of the Bill include:

– Removal of the requirement that mortgage brokers and mortgage lenders provide notice of a change in ultimate equitable owners of
10% or more;
– Updates the way a licensee provides notice of bond cancellation, which must now be provided electronically through NMLSR; and
– Updates the advertising requirements. A licensee must state in all advertisements its name and unique identifier, and is no longer
required to include its license number, office address, or the words “Georgia Residential Mortgage Licensee.”

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