Ga. Comp. R. & Regs. R. 80-11-1-.04 - Branch Managers
(1)
A "branch manager" shall mean an individual who supervises daily activities in
Georgia of a licensee, whether at a main or branch location, and regardless of
job title. Branch manager shall include an independent contractor of a mortgage
broker as contemplated under O.C.G.A. §
7-1-1001(a)(17) if
such independent contractor works from a branch under
80-11-1-.03(3)(e).
(2) In order to be approved as a branch
manager, an individual must be licensed by the Department as a mortgage loan
originator.
(3) No individual shall
be permitted to manage a location in Georgia without being approved by the
Department as a branch manager. A branch manager may be put in place subject to
departmental approval, but the Department must receive a complete application
for approval within 15 calendar days of the placement. No individual may serve
as the branch manager of more than one location of a licensee unless the
licensee can demonstrate that the proposed branch manager will be able to
effectively manage these locations to ensure that they operate in compliance
with state and federal law, and that the manager can adequately supervise the
daily functions performed by the employees at the locations. In order to
qualify for the employee exemption, an employee must be supervised on a daily
basis by the licensee. Considerations by the Department in determining whether
a branch manager may supervise more than one location will include: proximity
of branches to each other, volume of business at each, experience level of
proposed manager and plans to handle the supervision.
(4) The Department shall conduct a background
check, obtain a credit report, and require a financial statement and such other
pertinent information as it may require to satisfy itself that the location
will be operated by the branch manager responsibly and in compliance with the
laws and rules of this state.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.