Georgia House Bill 781
Georgia passed House Bill 781, effective January 1, 2021. The Bill makes several amendments to the Georgia Residential Mortgage Act. Highlights of the Bill include:
– Removal of the requirement that mortgage brokers and mortgage lenders provide notice of a change in ultimate equitable owners of
10% or more;
– Updates the way a licensee provides notice of bond cancellation, which must now be provided electronically through NMLSR; and
– Updates the advertising requirements. A licensee must state in all advertisements its name and unique identifier, and is no longer
required to include its license number, office address, or the words “Georgia Residential Mortgage Licensee.”