In November of 2015, Georgia adopted rules aligning disclosure requirements under the RMA with the disclosure requirements under the new TILA-RESPA Integrated Disclosure rule. This latest rule adoption: clarifies that the disclosure requirements adopted in November 2015 apply only to entities licensed or registered under the RMA; states that mortgage lenders and brokers must provide applicants for a HELOC, a residential mortgage loan not secured by real property, or a residential reverse mortgage loan, all disclosures required by federal law instead of the specific disclosures set forth in 12 CFR §§1026.19, 1026.37, and 1026.38 (regarding the Loan Estimate and the Closing Disclosure); and makes a number of additional changes to increase the clarity of the disclosure requirements adopted in November 2015. This rule adoption becomes effective January 26, 2016.
See the Department of Banking and Finance website for the full text of the Regulations
