Ga. Comp. R. & Regs. R. 80-11-2-.01 - Mortgage Broker and Lender Location Requirement and Minimum Retention Period

(1) Any mortgage broker or lender required to be licensed under Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated ("licensee") must maintain required books, accounts and records at the principal place of business. Should a licensee wish to maintain such records elsewhere, it must notify the department in writing via the Nationwide Multistate Licensing System and Registry prior to said books, accounts, and records being maintained in any place other than the designated principal place of business.

(2) Books, accounts and records maintained at a location other than the principal place of business shall be made available to the department within five (5) business days from the date of written request by the department and at a reasonable and convenient location acceptable to the department.

(3) "Principal place of business" means the location designated as the main office by the licensee in the initial written application for licensure or as amended thereafter in writing to the department.

(4) All books, records and accounts required by Rule 80-11-2-.02(1)(b), (c), (d), (e), (f), (g), (h), (j), and (m) and Rule 80-11-2-.03 must be maintained for a period of five (5) years. All books, records and accounts required by Rule 80-11-2-.02(1)(a), (i), (k) and (l) and by Rule 80-11-2-.04 must be maintained and kept complete for a period of five (5) years from the final disposition of the loan application to which the records relate (e.g. five (5) years from date application denied or cancelled or five years from date mortgage loan closed). All books, records, and accounts required by Rule 80-11-2-.02(1)(n) must be maintained for a period of five (5) years from the date of the employee no longer working for the licensee.

(5) Any books, accounts or records required to be maintained by Chapter 80-11-2 of the Rules of the Department of Banking and Finance may be maintained in their original form, on microfiche or other electronic media, provided:

(a) that the records shall be made available to the department as provided in this Rule; and

(b) at the request of the department, the records shall be printed on paper for inspection or examination.

(6)

(a) The penalty for maintaining books, accounts and records at a location other than the principal place of business without written notification to the department may be suspension of the license, other appropriate administrative action or fine.

(b) The penalty for refusal to permit an investigation or examination of books, accounts and records (after a reasonable request by the department) shall be revocation of the license.

Notes

Ga. Comp. R. & Regs. R. 80-11-2-.01

O.C.G.A. §§ 7-1-61, 7-1-1009, 7-1-1012.

Original Rule entitled "Location Requirement and Minimum Retention Period" adopted. F. July 11, 1994; eff. July 31, 1994. Amended: F. July 14, 1998; eff. August 3, 1998. Amended: F. July 28, 2003; eff. August 17, 2003. Amended: F. Aug. 15, 2005; eff. Sept. 4, 2005. Amended: F. Aug. 4, 2008; eff. Aug. 24, 2008. Repealed: New Rule entitled "Mortgage Broker and Lender Location Requirement and Minimum Retention Period" adopted. F. Aug. 17, 2009; eff. Sept. 6, 2009. Amended: F. Jan. 8, 2021; eff. Jan. 28, 2021. Amended: F. July 7, 2023; eff. July 27, 2023. Amended: F. July 12, 2024; eff. Aug. 1, 2024.