Ga. Comp. R. & Regs. R. 80-11-5-.04 - Renewals
(1)
Mortgage loan originator licenses shall expire on December 31st of each
calendar year. A mortgage loan originator must meet the following requirements
in order to have his or her license renewed:
(a) A mortgage loan originator must continue
to meet the minimum standards for license issuance.
(b) Timely submission of a complete renewal
application and corresponding fee.
(c) A mortgage loan originator must satisfy
the continuing education requirements of O.C.G.A. §
7-1-1004(h). The
applicant must obtain on an annual basis eight (8) hours of approved continuing
education in mortgage courses from an NMLSR approved provider. Of these eight
(8) hours, seven (7) hours must be obtained in course work addressing the
subjects identified in O.C.G.A. §
7-1-1004(h)(1),
and at least one (1) hour of continuing education must be obtained in
coursework addressing the Georgia Residential Mortgage Act, specifically any
changes made to the statute and its corresponding regulations.
(d) Courses taken to meet the approved
continuing education requirements of the NMLSR for any state shall be accepted
as credit towards continuing education requirements in Georgia, with the
exception that one (1) hour of the required courses must cover laws and
regulations related to Georgia mortgage licensure, not that of another
state.
(e) Continuing education
credits are only valid in the calendar year in which the courses are taken.
Credits earned during November 1 through December 31 will be excluded from
consideration for continuing education credit hours earned for the subsequent
renewal period. When continuing education hours are obtained by a mortgage loan
originator, only credit hours obtained from January 1 to October 31 shall be
considered for purposes of meeting the eight (8) hours of continuing education
required in the subsequent renewal period.
(f)
1. Upon
submitting an application to renew a license, failure to document to the
Department's satisfaction proof of completion of eight (8) continuing education
hours by October 31 may subject the licensee to a fine. The failure to document
proof of completion of these hours and to pay any assessed fine by December 31
shall result in the expiration of the mortgage loan originator's license
without notice or hearing.
2. A
mortgage loan originator whose license has been inactive for less than three
(3) years shall provide proof of completion of the continuing education
requirements for the last year in which the license was held in order to
reinstate it. Should reinstatement of an expired license be sought for a
license that has been inactive for five (5) years or more, such reinstatement
application will require that the applicant again meet the testing requirements
set forth in O.C.G.A. §
7-1-1004(g). If a
person has worked as a registered loan originator at any time during the lapsed
license period, the period of time the registered mortgage loan officer was
employed in this capacity shall not count toward the calculation of the time
period for the continuing education and testing requirements of this
paragraph.
3. In the following
circumstances the prelicensing education course will expire, which shall
require the individual to complete an additional 20 hours of prelicensing
education in order to be eligible for a mortgage loan originator license. An
individual's prelicensing education shall expire if he/she:
(i) fails to acquire a valid license or work
as a registered loan originator within three years from the date of initial
completion of any approved prelicensing education course; or
(ii) has obtained a license or worked as a
registered loan originator but subsequently did not maintain an active license
or work as a registered loan originator for three years or more.
Notes
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