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); the Georgia Residential Mortgage Act (1993); the Georgia Fair Lending Act (GAFLA) (2002); and the Georgia Merchant Acquirer Limited Purpose Bank Act (2012).
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 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.
2013 Proposed and Final Rulemaking:
Other Useful Links (Federal Laws & Regulations):