The Act sets forth guidelines for the licensing and regulation of mortgage brokers and mortgage bankers by the state Department of Banking and Finance (Department). The Act calls for the Department to investigate mortgage companies and individual bankers applying for licenses and to review their lending practices before renewing licenses.
The Act amends the definitions regarding affiliate transfers between certain financial institutions. The term "affiliate transfer" refers to bank or trust company transfers made to affiliated trust companies or affiliated banks which have received the required approvals from the appropriate regulatory authorities to exercise trust powers. The term
The Act amends Georgia's Commercial Code to add a new Article 4A, designed to provide a uniform set of rules to govern funds transfers between financial institutions. The addition of Article 4A to Georgia's Commercial Code follows the 1989 completion of the new Article 4A of
The Act provides statutory authority for current practices of trust companies relating to managed accounts, fees charged in connection with those accounts, and disclosure of such fees.
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The Act deregulates banking laws governing bank credit cards issued in Georgia. Deregulation is accomplished by eliminating the eighteen percent ceiling on interest rates, the twelve dollar annual fee limit, and other rate and fee limitations on credit cards issued in Georgia. The Act also permits out-of-state financial institutions to
The Act places a limitation on the requirement that a financing statement or continuation statement contain either the maturity date of the secured obligation or specify that the obligation does not have a maturity date. This requirement is now limited to consumer transactions involving $5,000 or less, and the
