annual report - Department of Banking and Finance

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NONDEPOSITORY FINANCIAL INSTITUTIONS DIVISION STAFF Money Service Businesses (MSB) MSB LICENSING/SUPERVISION STAFF The primary responsibilities of the MSB licensing/ supervision staff are to process new and renewal applications for the licensing or registration of sale of check companies, money transmitters, and check cashers. In addition, the staff handles changes in address, branch office locations and relocations, office closure notifications, contact changes, and agent updates for seller of checks and money transmitters. Also, staff members perform examinations of the licensees, prepare the report of examination, and recommend administrative action where needed. DID YOU KNOW THAT . . . From left to right (front row): Peter Lisowski, Joel Byers From left to right (back row): Teresa Koeppel, Melinda Kinard, Susan Nelson On our website, you can search for active or inactive mortgage licensees/registrants, notificants, and cease and desist orders and other administrative actions against mortgage entities or individuals. Links to those searches and other industry applicable information for mortgage entities are found on our website from the main page for Mortgage Brokers & Lenders at— http://dbf.georgia.gov/dbfmtg You can also search for licensed and registered money service businesses (check cashers, check sellers and money transmitters ‐ collectively referred to as MSBs) conducting business in Georgia. Links to those searches and other industry applicable information for MSBs are found on our website from the main page for Money Service Businesses at— http://dbf.georgia.gov/dbfmsbs 2008 Annual Report Page 27
The Legal and Consumer Affairs Division is responsible for providing legal advice and legislative drafting support for the Commissioner and staff. Major 2008 Legislative highlights included: • In 2008, the Department did not sponsor a “Housekeeping Bill” (which traditionally provides statutory clarifications). Instead during the 2008 legislative session the Department focused its attention on a bill to amend Title 7, Article 13, Licensing of Mortgage Lenders and Mortgage Brokers, to permit Georgia licensed mortgage lenders and mortgage brokers to readily convert to a uniform nationwide mortgage licensing system pursuant to a multi‐state uniform mortgage licensing project spearheaded by industry representatives, the Conference of State Bank Supervisors (CSBS), and the American Association of Residential Mortgage Regulators (AARMR). The provision which can be found at O.C.G.A. §7‐1‐1003.5 allows participation in a single source depository of multi‐state mortgage lender and mortgage broker information which will provide the Department with a much broader spectrum of information with which to assess an applicant’s qualifications for licensure, as well as provide access to disciplinary actions across state lines which should further advance the Department’s focus on regulating the industry and fighting mortgage fraud. • Department Rules were updated in 2008, via two separate rulemaking processes, as provided for by the State Administrative Practices Act, after review and consultation with interested parties and members of the industry. The Department welcomes comments from the public or from the industry throughout the year regarding amendments or clarifications to Department Rules that will enhance the regulatory oversight and enforcement of its regulated entities. Highlights of 2008 rulemaking: LEGISLATIVE HIGHLIGHTS FOR 2008 JUDY NEWBERRY Deputy Commissioner for Legal and Consumer Affairs • Changes were made to various Mortgage Rules In order to accommodate participation in the Nationwide Mortgage Licensing System (NMLS) and to facilitate the transition of mortgage brokers and mortgage lenders to the NMLS. • A provision was added in the Mortgage Rules to require the maintenance of certain information relative to employees, including date of hire, criminal background check, and date the Department website was reviewed to verify eligibility for employment. What constitutes payroll records was clarified and a requirement was added that copies of such records must be maintained by a licensee or registrant for employees or contractors even if the filing of these forms with the Internal Revenue Service was done by an agent. 2008 Annual Report Page 28
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Page 36: Our Motto is: “Safeguarding Georg

annual report - Department of Banking and Finance

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