On May 2, 2022, Georgia Gov. Brian Kemp signed SB 470, which amends provisions of Georgia’s banking laws relating to the denial or revocation of a mortgage license or registration due to certain felony convictions. SB 470 will reduce the impact on mortgage companies as a result of Georgia’s existing prohibition on the employment of previously convicted felons.
While the federal SAFE Act imposes requirements on mortgage loan originator licensees that require such individuals to be subject to criminal background checks and limits such individuals from being licensed if they have been convicted of a felony during the previous seven years, certain states have requirements that go beyond those SAFE Act requirements. Georgia had historically been challenged by rampant mortgage fraud and, as a result, maintains significant protections regarding the employment of felons. Specifically, the Georgia Residential Mortgage Act historically has restricted the overwhelming majority of individuals who have been convicted of a felony from being employed by a Georgia mortgage lender licensee or a Georgia mortgage broker/processor licensee. The impact of this provision extended well beyond Georgia and included employees and mortgage originators in other states, even those without a license to make loans in the state of Georgia.
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