Who regulates mortgage professionals in Georgia?
The Department of Banking and Finance (Department)
Who does the Department of Banking and Finance regulate?
Mortgage lenders, mortgage loan brokers, and mortgage loan originators
What provisions are the Department of Banking and Finance responsible for?
Official Code of Georgia (O.C.G.A.), including the Georgia Fair Lending Act (G.A.F.L.A.) and the Georgia Residential Mortgage Act (G.A.R.M.A.)
Who is the head of the Department?
Who appoints the commissioner and how long is the term?
The Commissioner is appointed by the Governor with approval from the Senate for a four-year term
Who assists the Commissioner?
Senior deputy and the Divisional Deputies
How is the Department funded?
The Department is funded by the fees paid by financial institutions under its jurisdiction for examination, licensing, and supervision services
What are the Commissioner's responsibilities?
The Commissioner of the Department has responsibility for the regulatory oversight of all state-chartered financial institutions, which includes examinations, licensing of financial professionals, registration of securities and enforcement.
What are the four divisions of the Department?
Supervisory division, non-depository financial institutions division, legal and consumer affairs division, and administrative division
Department responsible for: supervision, regulation, and examination of various state-chartered financial institutions
Department responsible for: processing applications, registrations, and notifications filed by financial institutions
How many examination districts does the department have around the state?
Department responsible for: licensing, supervision, and examination of mortgage brokers, lenders, registrants, processors, and loan originators
non-depository financial institutions division
Department responsible for: drafting laws and regulations
legal and consumer affairs division
Department responsible for: human resources, accounting and budget, training, information services, and clerical support duties for the Department