Georgia passed a bill increasing the required surety bond amount for mortgage lenders and brokers licensed under the Residential Mortgage Act. Under the bill, the required surety bond amount is increased to $250,000 for mortgage lenders (currently $150,000) and $150,000 for mortgage brokers (currently $50,000). The bill also permits mortgage lenders to impose a convenience charge if a borrower elects to make a payment by electronic means (as long as the mortgage lender also provides a direct payment option by check, cash, or money order in which no convenience fee is imposed). The bill generally becomes effective June 1, 2017. However, the increased surety bond amounts are effective December 31, 2017.
See Georgia General Assembly website for the full text of the Statutes: http://www.legis.ga.gov/Legislation/20172018/168897.pdf
