7-1-1003. Requirements and procedure for licensure.

An application for a license under this article shall be made in writing, under oath, and in such form as the department may prescribe. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the department and may be changed or updated as necessary by the department in order to carry out the purposes of this article. The department, by regulation, may prescribe different classes of licenses for mortgage loan originators, mortgage brokers, and mortgage lenders.#

The application shall include the following:#

1. (1)

   The legal name and address of the applicant and, if the applicant is a partnership, association, corporation, or other business entity, of every member, officer, and director thereof;#

2. (2)

   All names, including, but not limited to, website domain names (URLs), under which the applicant will conduct business in Georgia;#

3. (3)

   For mortgage brokers and mortgage lenders, the address of the main office or principal place of business where books and records are located and any other locations at which the applicant will engage in any business activity covered by the provisions of this article, together with the mailing address where the department shall send all correspondence, orders, or notices. Any changes in this mailing address shall be delivered in writing to the department before the change is effective;#

4. (4)

   For mortgage brokers and mortgage lenders, the complete name and address of the applicant’s initial registered agent and registered office for service of process in Georgia. If the applicant is a Georgia corporation, this registered agent shall be the same as the agent recorded with the Secretary of State. Any changes in the registered agent or registered office shall be delivered in writing to the department and the Secretary of State, if applicable, before the change is effective. The registered agent may, but is not required to, be an officer of the applicant, and the registered office shall be a Georgia location where the registered agent may be served;#

5. (5)

   For mortgage brokers and mortgage lenders, the general plan and character of the business;#

6. (6)

   For mortgage brokers and mortgage lenders, a financial statement of the applicant;#

7. (7)

   For mortgage brokers and mortgage lenders, such other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, trustees, officers, members, agents, or ultimate equitable owners of 10 percent or more of the applicant; and#

8. (8)

   For mortgage brokers and mortgage loan originators, evidence of satisfaction of experience or education requirements, as required by regulations of the department.#

All applications filed under this Code section shall be filed together with:#

1. (1)

   Investigation and supervision fees established by regulation;#

2. (2)

   The items required by Code Section 7-1-1003.2; and#

3. (3)

   Other information as may be required by the department.#

The department may issue a notice of intent to administratively withdraw an application for a license under this article if an applicant submits a deficient license application by failing to provide any information required by the department. If the applicant fails to provide the requested information within 30 days of the date of issuance of such notice, the application may be administratively withdrawn. The notice shall be deemed provided to the applicant when:#

1. (1)

   Sent via email to the applicant’s email address, as provided on the application; or#

2. (2)

   Posted by the department on the Nationwide Multistage Licensing System and registry.#