Broker’s License
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Statutes
It shall be prohibited for any person to transact business directly or indirectly as a mortgage broker,unless such person is licensed. (Ga. Code Ann., § 7-1-1002) Each licensed mortgage broker shall provide the department with a bond. The bond for a mortgage broker shall be in the principal sum of $150,000.00 or such greater sum as the department may require as set forth by regulation based on an amount that reflects the dollar amount of loans originated. The bond requirements for mortgage brokers are continuous in nature and shall be maintained at all times as a condition of licensure (Ga. Code Ann., § 7-1-1003.2) A license shall not be transferred or assigned. (Ga. Code Ann., § 7-1-1006)
Cases
Comments
Some persons are exempt from the article’s requirement to obtain a mortgage loan originator, mortgage broker, or mortgage lender license but may nonetheless be subject to the registration requirements under the Georgia Residential Mortgage Act. O.C.G.A. § 7-1-1001.
Contributors
Brittany S. Ogden
The statutory information was edited and reviewed with the support of MultiState
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