Approval of Mortgage Industry Related Courses; Application; Renewal Applications; Audits

  1. Law
  2. Georgia Code
  3. Banking and Finance
  4. Financial Institutions
  5. Licensing of Mortgage Lenders and Mortgage Brokers
  6. Approval of Mortgage Industry Related Courses; Application; Renewal Applications; Audits

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  1. Any education provider which offers mortgage industry related courses designed to satisfy education requirements as provided in subsection (c) of Code Section 7-1-1004 and associated department rules shall be approved by the department.
  2. An application under this Code section shall be made in writing, under oath, and in such form as the department may prescribe. The application shall include the following:
    1. The name and address of the applicant and, if the entity is not a sole proprietorship, the name of every member, officer, principal, or director thereof;
    2. The name under which the applicant will conduct business in Georgia;
    3. A proposed certificate program or course of study which lists each subject to be taught and credit or classroom hours for each course designed to satisfy education requirements;
    4. Qualifications and credentials of any and all instructors teaching courses named in paragraph (3) of this subsection; and
    5. Other information as may be required by the department.
  3. The initial application shall be filed with the department along with fees established by rule, no portion of which shall be refunded or prorated. Upon receipt of an application, the department shall conduct such investigation as it deems necessary to determine that the applicant and the individuals who direct the affairs or establish policy for the applicant, including the officers, directors, or the equivalent, are of good character and ethical reputation; that the applicant and such persons meet the requirements of subsection (h) of Code Section 7-1-1004; that the applicant and such persons demonstrate reasonable financial responsibility; that the applicant has and maintains a registered agent for service in this state; and that the applicant and such persons are qualified by education and experience to present courses directly related to the mortgage brokering process.
  4. All education providers approved under this Code section shall be required to file a renewal application on an annual basis in writing, under oath, and in such a form as the department may prescribe. A fee established by the department shall be paid with each renewal application, which fee shall not be refunded or prorated. Failure to file a renewal application shall result in the education provider being removed from the department list of approved mortgage education providers.
  5. The department may audit or investigate course offerings of the applicant or approved mortgage education provider as it deems necessary and without cost to the department.

(Code 1981, §7-1-1003.7, enacted by Ga. L. 2009, p. 252, § 1/HB 312; Ga. L. 2010, p. 878, § 7/HB 1387; Ga. L. 2011, p. 518, § 13/HB 239.)


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