What is a residential structure that contains 1-4 units?
100
A person writing fewer than this amount of loans per year is exempt from licensing.
What is 5 loans? Note: businesses under ANY circumstance must be licensed.
100
This is the definition of flipping and is illegal in GA.
Closing a loan within 5 years of when it was last closed with no tangible net benefit to the borrower.
100
You are given this many days to request a hearing after receiving a cease and desist order.
What is 20 days.
200
The Dept. shares responsibility for Georgia with state chartered institutions and this other government entity.
What is the FDIC?
200
This is the definition of extortionate means.
What is the use of threat or violence to cause harm to a person or influence their decision.
200
These are three of the five entities that are required to be licensed.
What are lenders, brokers, originators, branch offices, and independent contractors that are acting as underwriters or processors.
200
Charges for late payments are limited to this amount.
What is 5% of the pmt. To be considered late, it must be more than TEN days late.
200
Revocation may occur for either of these two acts.
What is failure to provide fees on a timely basis and failing to pay a judgment recovered in any court of GA relating to the licensee's mtg business.
300
The department is the regulatory agency for these entities.
What are lenders, brokers, originators, and processors/underwriters working as independent contractors.
300
This document is kept at the principal place of business and documents mtg transactions. It must be kept up to date on a weekly basis.
What is the mtg transaction journal.
300
Individuals licensed under the GA Industrial Loan Act are exempt as long as the mtg loan is under this amount.
What is $3000.
300
Branch managers must receive approval of their role from the department within this amount of days.
What is 15 days.
300
You are issued a $5000 fine for committing any of these acts (name 1)
What is hiring a felon, hiring persons disqualified from conducting mtg business, and failing to disburse funds in accordance with a written commitment or agreement.
400
The department is responsible for the administration of the Banking and Finance provisions of the Official Code of GA (OCGA) including these two acts.
What are the GAFLA (GA fair lending act) and GARMA (GA Residential Mtg Act).
400
This entity performs an automated financial statement.
Who is an independent CPA?
400
This is what out of state mtg brokers must do if they don't meet the two years of experience in order to get licensed.
What is 40 hours of education PLUS 5 hours of GA specific law and fraud.
400
All advertisements distributed by a licensee or a registrant in GA must contain this information.
What is Name, license #, NMLS unique identifier, office address of the licensee.
400
The attorney general may issue this punishment for violating the Georgia Fair Lending Act.
What is a fine up to $1000 and up to 6 months in jail.
500
These are the four divisions of the department.
What are the Supervisory division, the non-depository division, legal and consumer affairs division, and the administrative division.
500
These are three of the 5 federal banking agencies.
What are The comptroller of currency, the director of the office of thrift supervision, the natural credit union administration, the FDIC, and the federal reserve.
500
This is the cost for a lender to renew their license.
What is 900 for the state license fee and 100 for the NMLS.
500
This is the definition of net branching.
What is using a licensee's name, license #, policies, and procedures in exchange for a fee without supervision.
500
If a mortgage lender's license is suspended, they may continue to service loans for this amount of time.