§ 7-1-1006 — Names of licensees; license nontransferable; posting, notification, and location requirements

(a) Each license issued under this article shall state the name of the licensee. (b) A licensee shall post a copy of such license in a conspicuous place in each place of business of the licensee. (c) A license shall not be transferred or assigned. (d) No licensee shall transact business under any name or names other than those designated in the records of the department. (e) For mortgage brokers and mortgage lenders, each licensee shall notify the department in writing of any change in the address of the principal place of business or of any additional location of business in Georgia, any change in registered agent or registered office, any change of executive officer or contact person for consumer complaints, or of any material change in the licensee's financial statement. Notice of changes shall be received by the department no later than 30 business days after the change is effective. (f) No mortgage broker or mortgage lender shall open a new additional office in Georgia without prior approval of the department. Applications for such additional office shall be made in writing on a form prescribed by the department and shall be accompanied by payment of a $350.00 nonrefundable application fee. The application shall be approved unless the department finds that the applicant has not conducted business under this article efficiently, fairly, in the public interest, and in accordance with law. The application shall be deemed approved if notice to the contrary has not been mailed by the department to the applicant within 45 days of the date the application is received by the department. (g) All branch managers in Georgia shall be approved by the department. A mortgage broker or mortgage lender may place a new branch manager subject to the department's approval but shall file for approval within 15 days of the placement and shall remove the person immediately should the department deny approval.

Legislative History

Amended by 2020 Ga. Laws 492,§ 19, eff. 1/1/2021. Amended by 2009 Ga. Laws 66,§ 1, eff. 7/1/2009. Amended by 2007 Ga. Laws 256,§ 35, eff. 7/1/2007. Amended by 2005 Ga. Laws 160,§ 34, eff. 5/5/2005.