Georgia Adopts Provisions Regarding Mortgage Servicing
July 7, 2017
NOTICE OF FINAL RULEMAKING
DEPARTMENT OF BANKING AND FINANCE STATE OF GEORGIA
Adopted June 29, 2017
To all interested persons:
Notice is hereby given that pursuant to the provisions of the Georgia Administrative Procedure Act, O.C.G.A. § 50-13-1 et seq., and by the authority of O.C.G.A. §§ 7-1-61, 7-1-1012, and other cited statutes, the following attached Rules of the Department of Banking were adopted on June 29, 2017. The Rules were filed with the Secretary of State on June 29, 2017 and, pursuant
to O.C.G.A. § 50-13-6, will be effective on July 19, 2017, which is twenty days following the filing of the Rules with the Secretary of State.
Prior to adopting the Rules, the proposed Rules along with a synopsis were distributed on May 25, 2017. The Department received four (4) written comments regarding the proposed Rules. The Department fully considered the comments it received and made a substantive revision to Rule 80-13-1-.02 to remove the capital formula and instead provide that the Department will
determine the required capital levels on a case-by-case basis. The Department believes that the Rules as adopted encourage safety and soundness, encourage safe and fair mortgage lending, and conform to the law.
Source: State of Georgia Department of Banking and Finance (full bulletin)
NOTE: Mortgage Servicing Provisions begin at the bottom of page 34.