Compilation of Rules and Regulations of the State of Georgia
Department 80 - RULES OF DEPARTMENT OF BANKING AND FINANCE
Chapter 80-11 - RESIDENTIAL MORTGAGE BROKERS, LENDERS AND ORIGINATORS
Subject 80-11-1 - DISCLOSURE, ADVERTISING AND OTHER REQUIREMENTS
Rule 80-11-1-.03 - Place of Business Requirements; Definitions

Universal Citation: GA Rules and Regs r 80-11-1-.03

Current through Rules and Regulations filed through March 20, 2024

(1) Each licensee with a physical place of business in Georgia shall provide to the Department a complete listing of all such offices or locations.

(2) Reserved.

(3) A "physical place of business" in this state shall mean an enclosed room or building where a licensee alone, if it has no employees, otherwise where one or more supervised employees conduct a residential mortgage business.

(4) A location, including a personal residence, shall be considered a branch for purposes of the Georgia Residential Mortgage Act if any of the following conditions are met:

(a) The location address is printed on or contained in letterheads, business cards, announcements, advertisements, solicitations for business, flyers, brochures, or the like;

(b) Georgia consumers are received at the location or are directed to deliver any information by any means to the location;

(c) Loan files, applications (approved, denied, pending and pre-qualification) and any other books and records required by Georgia Residential Mortgage Act or Department rules are located at the location;

(d) The licensee directly or indirectly reimburses for rent, utility bills or other expenses incurred for use of a location as a branch; or

(e) An independent contractor of a licensed mortgage broker operates from the location and all of the conditions for the exemption contained in O.C.G.A. § 7-1-1001(a)(17) are satisfied.

(5) Notwithstanding Paragraph (4) of this rule, a location, including a personal residence, will not be deemed a branch and will be required to have its own license if:

(a) It is a franchise arrangement;

(b) It is separate entity that may be referred to as a "net branch," and it is an independent business or mortgage operation which is not under the direct control, management, supervision and responsibility of the licensee;

(c) The licensee is not the lessee or owner of the branch and the branch is not under the direct and daily ownership, control, management, and supervision of the licensee;

(d) All employees exempt from individual licensing, including the branch manager, do not meet the requirements for such exemption in Article 13 and the rules of the Department;

(e) All assets and liabilities of the branch are not assets and liabilities of the licensee and income and expenses of the branch are not income and expenses of the licensee and are not properly accounted for in the financial records and tax returns of the licensee; or

(f) All practices, policies, and procedures, including but not limited to those relating to employment and operations, are not originated and established by the licensee and are not applied consistently to the main office and all branches.

(6) An unstaffed storage facility shall not constitute a branch.

(7) The "main office" is the location indicated on the application as the principal place of business, where the books and records are kept.

(8) The mailing address of a licensee or registrant may be different from the main office address but shall be the address where the Department is authorized to send all correspondence, official notices and orders. The licensee or registrant is responsible for keeping the Department informed of any changes in this mailing address.

(9) The "contact person for consumer complaints" referred to in O.C.G.A. § 7-1-1006. shall be a person who is available and has authority to investigate and resolve questions and complaints from consumers which have come to the Department for resolution. Each licensee must keep the Department informed of the name and telephone number of the current contact person.

O.C.G.A. §§ 7-1-61; 7-1-1012.

Disclaimer: These regulations may not be the most recent version. Georgia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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