Ga. Comp. R. & Regs. R. 80-11-4-.11 - Information on the Nationwide Multistate Licensing System and Registry
(1)
It shall be the sole responsibility of each applicant for a mortgage lender or
mortgage broker licensee, and each licensed mortgage broker and mortgage lender
to keep current at all times its information on the Nationwide Multistate
Licensing System and Registry ("NMLSR"). Amendments to any information on file
with the NMLSR must be made by the applicant or licensee within ten (10)
business days of the date of the event necessitating the change. The Department
shall have no responsibility for any communication not received by an applicant
or licensee due to its failure to maintain current contact information on the
NMLSR as required.
(2) Amendments
to any responses to disclosure questions on an NMLSR MU-1 by an applicant for a
mortgage lender or mortgage broker license or a licensed mortgage lender or
mortgage broker must be made within ten (10) business days following the date
of the event necessitating the change. Failure by an applicant for a mortgage
lender or mortgage broker license to timely update the applicant's NMLSR MU-1
may result in the denial of the application. In the case of a licensed mortgage
lender or mortgage broker, failure to timely update any disclosure information
on the NMLSR MU-1 may result in the revocation of its license.
(3) It shall be the responsibility of each
applicant for a mortgage lender or mortgage broker licensee and each licensed
mortgage broker and mortgage lender to ensure that its control persons keep
current at all times their information on the NMLSR. Amendments to any
information on file with the NMLSR must be made by the control person within
ten (10) business days of the date of the event necessitating the change. For
purposes of this rule, control person means any individual that has the power,
either directly or indirectly, to direct or cause the direction of management
and policies of an applicant or licensee, whether through the ownership of
voting or nonvoting securities, by contract, or otherwise.
(4) Amendments to any responses to disclosure
questions on an NMLSR MU-2 by a control person must be made within ten (10)
business days following the date of the event necessitating the change. Failure
by a control person of an applicant for a mortgage lender or mortgage broker
license to timely update the control person's NMLSR MU-2 may result in the
denial of the application. In the case of a licensed mortgage lender or
mortgage broker, failure by a control person to timely update any disclosure
information on the NMLSR MU-4 may result in the revocation of the mortgage
broker or mortgage lender license.
(5) All written notices required pursuant to
O.C.G.A. §§
7-1-1007(a) and
7-1-1007(d) and
Rule 80-11-1-.07
shall be submitted to the Department via NMLSR. Such notices shall be uploaded
as state specific documents under the document type "Additional Requirements."
The file name for each document shall begin with "Georgia Required Written
Notice" but may contain additional words at the option of the
licensee.
Notes
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