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 80-11-4 - LICENSING
Rule 80-11-4-.11 - Information on the Nationwide Multistate Licensing System and Registry

(1) It shall be the sole responsibility of each applicant for a mortgage lender or mortgage broker licensee, and each licensed mortgage broker and mortgage lender to keep current at all times its information on the Nationwide Multistate Licensing System and Registry ("NMLSR"). Amendments to any information on file with the NMLSR must be made by the applicant or licensee within ten (10) business days of the date of the event necessitating the change. The Department shall have no responsibility for any communication not received by an applicant or licensee due to its failure to maintain current contact information on the NMLSR as required.

(2) Amendments to any responses to disclosure questions on an NMLSR MU-1 by an applicant for a mortgage lender or mortgage broker license or a licensed mortgage lender or mortgage broker must be made within ten (10) business days following the date of the event necessitating the change. Failure by an applicant for a mortgage lender or mortgage broker license to timely update the applicant's NMLSR MU-1 may result in the denial of the application. In the case of a licensed mortgage lender or mortgage broker, failure to timely update any disclosure information on the NMLSR MU-1 may result in the revocation of its license.

(3) It shall be the responsibility of each applicant for a mortgage lender or mortgage broker licensee and each licensed mortgage broker and mortgage lender to ensure that its control persons keep current at all times their information on the NMLSR. Amendments to any information on file with the NMLSR must be made by the control person within ten (10) business days of the date of the event necessitating the change. For purposes of this rule, control person means any individual that has the power, either directly or indirectly, to direct or cause the direction of management and policies of an applicant or licensee, whether through the ownership of voting or nonvoting securities, by contract, or otherwise.

(4) Amendments to any responses to disclosure questions on an NMLSR MU-2 by a control person must be made within ten (10) business days following the date of the event necessitating the change. Failure by a control person of an applicant for a mortgage lender or mortgage broker license to timely update the control person's NMLSR MU-2 may result in the denial of the application. In the case of a licensed mortgage lender or mortgage broker, failure by a control person to timely update any disclosure information on the NMLSR MU-4 may result in the revocation of the mortgage broker or mortgage lender license.

(5) All written notices required pursuant to O.C.G.A. §§ 7-1-1007(a) and 7-1-1007(d) and Rule 80-11-1-.07 shall be submitted to the Department via NMLSR. Such notices shall be uploaded as state specific documents under the document type "Additional Requirements." The file name for each document shall begin with "Georgia Required Written Notice" but may contain additional words at the option of the licensee.