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-.06 - Compliance with Federal Requirements
Current through Rules and Regulations filed through March 20, 2024
(1) For the purposes of this Rule,"loan or finance company" refers to every person subject to the licensing requirements of the Georgia Residential Mortgage Act ("GRMA") who satisfies the definition of a loan or finance company under the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act").
(2) Every loan or finance company shall develop and implement a written anti-money laundering program and comply with the filing requirements, recordkeeping requirements, currency transaction reporting, suspicious activity reporting, and other requirements set forth in the Bank Secrecy Act.
(3) Records required to be maintained under this Rule shall be maintained in accordance with Rule Chapter 80-11-2. Loan or finance companies may consult https://www.fincen.gov/resources/financial-institutions/mortgage-co-broker [File Link Not Available] for questions about the federal requirements.
O.C.G.A. §§ 7-1-61; 7-1-1012.
