Governor Brian Kemp signed SB 470 into law on May 2, 2022 (the Effective Date), amending the provisions of the Georgia Residential Mortgage Act, O.C.G.A. §§ 7-1-1000 et seq., that prohibited a Georgia mortgage lender or mortgage broker from employing any person with a felony conviction. The enactment of SB 470 is a major step towards resolving a long-time issue within the mortgage industry by significantly reducing the burden for Georgia mortgage lenders and mortgage brokers to monitor their employees’ felony convictions on an ongoing basis and avoid a license application denial or license revocation.
Prior to the Effective Date, O.C.G.A. § 7-1-1004(h) expressly prohibited a Georgia mortgage lender or mortgage broker from employing any person that had a prior felony conviction. This provision stated, in relevant part:
The department shall not issue or may revoke a license or registration if it finds that the mortgage loan originator, mortgage broker, or mortgage lender applicant or licensee, or any person who is a director, officer, partner, agent, employee, or ultimate equitable owner of 10 percent or more of the mortgage broker or mortgage lender applicant, registrant, or licensee or any individual who directs the affairs or establishes policy for the mortgage broker or mortgage lender applicant, registrant, or licensee, has been convicted of a felony in any jurisdiction or of a crime which, if committed within this state, would constitute a felony under the laws of...
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