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-.04 - Branch Managers

(1) A "branch manager" shall mean an individual who supervises daily activities in Georgia of a licensee, whether at a main or branch location, and regardless of job title. Branch manager shall include an independent contractor of a mortgage broker as contemplated under O.C.G.A. § 7-1-1001(a)(17)if such independent contractor works from a branch under 80-11-1-.03(3)(e).

(2) In order to be approved as a branch manager, an individual must be licensed by the Department as a mortgage loan originator.

(3) No individual shall be permitted to manage a location in Georgia without being approved by the Department as a branch manager. A branch manager may be put in place subject to departmental approval, but the Department must receive a complete application for approval within 15 calendar days of the placement. No individual may serve as the branch manager of more than one location of a licensee unless the licensee can demonstrate that the proposed branch manager will be able to effectively manage these locations to ensure that they operate in compliance with state and federal law, and that the manager can adequately supervise the daily functions performed by the employees at the locations. In order to qualify for the employee exemption, an employee must be supervised on a daily basis by the licensee. Considerations by the Department in determining whether a branch manager may supervise more than one location will include: proximity of branches to each other, volume of business at each, experience level of proposed manager and plans to handle the supervision.

(4) The Department shall conduct a background check, obtain a credit report, and require a financial statement and such other pertinent information as it may require to satisfy itself that the location will be operated by the branch manager responsibly and in compliance with the laws and rules of this state.