Laws and Regulations

This section of the Department's website provides links to various Georgia Laws and Department Rules and Regulations governing institutions/licensees under the regulatory authority of the Department.

Since establishment of the Department in 1919, additional responsibilities, beyond bank supervision and regulation, have been assigned to the agency in the form of the Georgia Credit Union Act (1925); Trust Company Laws of Georgia (1927); Georgia Sale of Checks Act (1965); The Fiduciary Investment Company Act (1970); International Bank Agency Act (1972); Georgia Business Development Corporation Act (1972); Regulation of Check Cashers (1990); and the Georgia Residential Mortgage Act (1993).  The Georgia Fair Lending Act (GAFLA) was signed into law on April 22, 2002 and became effective on October 1, 2002, and was subsequently amended effective March 7, 2003. This law has a significant impact on Georgia residential mortgage lending and brokering activities. 

The Department is participating in the Nationwide Mortgage Licensing System (NMLS) as contemplated by the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE”) (H.R. 3221).  Title V requires that each state enact minimum standards regarding the supervision of mortgage entities.

Legislation requiring the licensing of Mortgage Loan Originators ("MLO") as required by SAFE was passed by the Georgia Legislature in 2009.  See our webpage with  MLO Resources for more details.   The legislation was signed by the Governor and became effective July 1, 2009.

The Department continues to make changes to the Code to streamline the application process, reduce regulatory burden on regulated entities, and coordinate its procedures with federal requirements.

Bills of interest passed by the Georgia General Assembly during the 2013 legislative session:

• HB 83 - Mortgage broker licensing requirements; licensed real estate brokers and salespersons assisting in a short sale real estate transaction; exempt - Signed by Governor Deal on 5/6/2013; effective 7/1/2013

A BILL to be entitled an Act to amend Article 13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated, relating to the licensing of mortgage lenders and mortgage brokers, so as to exempt licensed real estate brokers and salespersons assisting in a short sale real estate transaction from the mortgage broker licensing requirements; to provide for related matters; to repeal conflicting laws; and for other purposes.

• SB 139 - Contracts; collection of closing fees; advance of money/extension of credit - Signed by Governor Deal on 4/9/2013; effective upon the Governor's signature

A BILL to be entitled an Act to amend Chapter 1 of Title 13 of the Official Code of Georgia Annotated, relating to general provisions for contracts, so as to provide for the collection of closing fees for contracts for the advance of money or the extension of credit; to provide for the refund of closing fees in certain instances; to amend Article 4 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated, relating to the sale of checks or money orders, so as to provide for a licensing exemption for the selling and issuing of checks by state and federal entities and authorized agents; to provide for exclusions and applicability; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.
 

Other Useful Links (Federal Laws & Regulations):

United States Code (USC)

FDIC Laws, Regulations and Related Acts

NCUA Laws, Regulations, and Legal Opinions

Code of Federal Regulations (CFR)

September 18, 2012

Notice is hereby given that pursuant to the authority granted to it in the Georgia Administrative Procedures Act, Official Code of Georgia Annotated (O.C.G.A.) Chapter 50-13 and by authority of O.C.G.A. § 7-1-61, O.C.G.A. § 7-1-663; O.C.G.A. § 7-1-1012, and other cited statutes, the following Rules of the Department of Banking and Finance have been finally adopted on September 18, 2012.  They were filed with the Secretary of State on September 18, 2012, and will be effective 20 days following or October 8, 2012.

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2012 DBF Final Rulemaking: 9-18-2012	131.54 KB