Georgia adopted disclosure requirements for mortgage loan originators (MLOs) operating under temporary authority. Under the adopted rules, mortgage lenders and brokers sponsoring unlicensed MLOs must provide written disclosure to applicants that such MLOs are operating under temporary authority. Georgia has mandated the exact language of the disclosure. MLOs operating under temporary authority must also indicate “TAO,” “temporary authority to operate,” or a substantially similar designation on the signature line of any application, document, or disclosure. In addition, any advertisement that mentions an unlicensed MLO must clearly and conspicuously state that the individual is unlicensed, is operating under temporary authority to operate in Georgia, and has submitted a license application to the Department of Banking and Finance (Department) and that the Department may grant or deny the license application.
The lender and broker requirement to provide written disclosure of MLO temporary authority to applicants is effective April 1, 2020. Requirements relating to advertising and temporary MLO designations on signature lines are effective immediately.
See the Department of Banking and Finance website for the full text of the Regulations:
