Georgia adopted rules repealing the mortgage broker experience and education requirements under the Residential Mortgage Act (RMA). Under the adopted rules, an applicant for a mortgage broker license is no longer required to meet experience or education requirements prior to obtaining a license. The adopted rules also repeal the requirement that mortgage brokers annually complete 8 hours of continuing education. In addition, the adopted rules clarify the education requirements necessary to reinstate a mortgage loan originator license under the RMA in the event the license becomes inactive. The bill becomes effective July 10, 2016.
See the Department of Banking and Finance website for the full text of the Regulations:
