Ga. Comp. R. & Regs. R. 80-11-4-.12 - License Renewal Periods and Requirements for Mortgage Brokers, Mortgage Lenders, and Mortgage Loan Originators

(a) For purposes of this rule the Nationwide Multistate Licensing System and Registry (NMLSR) is defined as a uniform multi-state administration of an automated licensing system for mortgage brokers, mortgage lenders, and mortgage loan originators. The department's participation in NMLSR is authorized by O.C.G.A. § 7-1-1003.5.

(b) All applications for new licenses must be made through NMLSR. Fees for new applications include an initial Department investigation fee and the appropriate application fee for the application type. Applications for new licenses which are approved between November 1 and December 31 in any year will not be required to file a renewal application for the next calendar year. All fees are non-refundable.

(c) All licenses issued pursuant to the Georgia Residential Mortgage Act shall expire on December 31 of each year, and an application for renewal shall be made annually between November 1 and December 31 each year. Subsequent renewal applications and/or license fees must be received on or before December 1 of each year or the applicant will be assessed a late fee as set forth in these rules by license type. A renewal application is not deemed received until all required information, including documentation of any required continuing education coursework, and corresponding fees, has been provided by the licensee. A proper renewal application not received on or before the December 1 renewal application deadline of each year cannot be assured of issuance or renewal prior to January 1, at which time the license will expire. Unless a proper application has been received any license which is not renewed on or before December 31 will require the applicant to file a reinstatement application in order to conduct mortgage business in the State after that date.

Notes

Ga. Comp. R. & Regs. R. 80-11-4-.12

O.C.G.A. § 7-1-1003.5.

Original Rule entitled "License Renewal Periods and Requirements for Mortgage Brokers, Mortgage Lenders, and Mortgage Originators" adopted. F. Jan. 8, 2021; eff. Jan. 28, 2021. Amended: New title, "License Renewal Periods and Requirements for Mortgage Brokers, Mortgage Lenders, and Mortgage Loan Originators." F. July 12, 2024; eff. Aug. 1, 2024.