NDFI MONTHLY MORTGAGE SUMMARY November 2008 Georgia Department of Banking & Finance-- Non Depository Financial Institutions Division Monthly SMumonmthalryy SoufmMmoarrtygaogfeMAocrttigvaigteieAs cftoirvitthieesPfeorriothdeEPnedriniogdNEonvdeimngbeArp2ri0l 028007 Inside this issue: Page 1 NEWS NEWS ITEMS GEORGIA NEWS NMLS: Georgia's Transition Plan 1 Proposed Rulemaking 4 2009 State Holidays 4 ADMINISTRATIVE ITEMS Administrative 5Actions 6 Fines 7 Licenses Approved & Reinstated 8 Licenses Revoked, Expired...Denied 9 Contact Information 10 Useful Links MORTGAGE FORMS: DBF.GEORGIA.GOV/ DBFMTGFORMS UPDATING LICENSE INFORMATION DBF.GEORGIA.GOV/ DBFMTGFORMS MORTGAGE SUMMARY DBF.GEORGIA.GOV/ DBFMTGSUMMARY Georgia's NMLS Transition Plan you can submit your completed NMLS record by filing the appropriate MU Form to the Department through that system. DBF renewals begin January 2, 2009. Secure and Fair Enforcement for Mortgage Licensing Act of 2008 A Reminder to Licensees and Registrants To provide for compliance with the SAFE Act, the Georgia Department of Banking & Finance (Department) will begin using the CSBS/AARMR Nationwide Mortgage Licensing System (NMLS) on January 2, 2009. NMLS, developed through the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR), will allow your company to continue to conveniently manage its mortgage license in an electronic format through a secure website on NMLS, transferring many functions from the Department's automated system. Completing and submitting this transition record through NMLS will coincide with the submission of your renewal for the Department's renewal process this upcoming year. A copy of Department's transition plan can be found on the NMLS website at: www.stateregulatoryregistry.org/NMLS. Licensees/Registrants should use the information currently on file with the Department when transitioning onto the NMLS. Make certain all information is current before you transition your record to the new system. The following links will allow you to review current information on file, as well as obtain and verify branch record numbers for transition as needed. Your license number and password are required for access, and are generally those provided and used at the last renewal. Contact the Department should you need access. Georgia's Transition Plan As a part of the implementation of NMLS, each company holding a Georgia mortgage lender or broker/processor license or registration must create a company record (Form MU1) in NMLS for themselves and a record for each approved in-state Georgia branch (Form MU3), and electronically submit those to the Department between January 2, 2009 and April 1, 2009. Licensees and Registrants have from January 2, 2009 to April 1, 2009 to renew and transition their license with no penalty. Beginning April 2, 2009 and through to June 30, 2009 you may renew and transition but the late renewal fee of $300 will be assessed. Should you fail to renew and transition by the June 30, 2009 expiration of your current license or registration, the license or registration is considered to be expired, and a new/reinstatement application will be required to do residential mortgage business in Georgia. Such new application would require submission through the NMLS. NMLS is available now for you to begin completing your record at no charge. Beginning January 2, 2009, Any change in information after transition will need to be submitted as an amendment filing through the NMLS after system transition approval, so please make certain your information is accurate up-front. License Record, Address, Registered Agent, Contact Information: https://bkgfin.dbf.state.ga.us/MortgageDocs/ MBChanges.html Branch Information: https://bkgfin.dbf.state.ga.us/MortgageDocs/ MBRelocationBr.html If you have branches - log into the branch site noted above. Branch numbers will be displayed as noted below. MAKE A NOTE OF ALL BRANCH RECORD NUMBERS PRIOR ENTERING ITS DATA IN NMLS IN ORDER TO PROPERLY TRANSITION YOUR BRANCH (ES) ONTO THE SYSTEM. Failure to use/enter each branch's unique number when transitioning that branch will result in payment of the $350.00 new ("SAFE"Continued on page 2) Page 2 November 2008 News Items (Continued from page 1) How to Access NMLS branch application fee!! Each of your approved branches has a unique DBF ID record number. The NMLS refers to branch ID numbers as LICENSE numbers. This unique record ID number for your branches will be the number you should use. In order to gain access to NMLS for the first time you must complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator. This form can be submitted electronically through the NMLS website in the "Getting Started" section. This form needs only to be submitted once per company, regardless of the number of NMLS participating states in which you are licensed. IF YOUR COMPANY ALREADY HAS ACCESS TO NMLS, THEN YOU DO NOT NEED TO DO THIS STEP. Please note that there is a checklist of required items that must be submitted outside of the NMLS or completed on-line at the Department's website in order to approve your renewal/ transition. The checklist is on the NMLS website, and includes the items noted on the following page. As noted, you will need an ID and password for Department items submitted outside of the NMLS. Bond or Letter of Credit: One of these items, as applicable to your circumstance, must be on file and current. Submission required ONLY if not on-file and current. Fines: All outstanding fines must be paid. Should you have unpaid fines, these are payable on-line at the following site and are charged to your credit card or drafted from your bank account, depending upon your payment type. Website: https://bkgfin.dbf.state.ga.us/MortgageDocs/ MtgFinePay.html Once you complete and submit this form, the Primary Account Administrator will receive NMLS login information within 3 business days. The Primary Account Administrator for your company will have full rights to (1) access the System, (2) submit information to this Agency and other participating state mortgage regulators, and (3) set-up other company users in the System. Instructions and tutorials on how to access and use the System are also available on the NMLS website. The Nationwide Mortgage Licensing System is online at: www.stateregulatoryregistry.org/NMLS. Loan Officers It is anticipated that there will be a bill proposing Georgia specific Loan Officer/Originator legislation in early 2009 in order to comply with the Federal SAFE Act. If passed, loan officers requiring a LO's license in Georgia will have to obtain that license through the NMLS. No action is currently required in NMLS for Georgia loan officers. $6.50 per loan fees: All per loan fees must be paid. Payments can be made on-line. Available January 2009. Forms to Complete and Fees Once you access NMLS, you can complete the following MU Website: https://bkgfin.dbf.state.ga.us/GRMAFee.html Forms and submit the filing to the Department between January Continuing Education (CE) Brokers/Processors *ONLY*: 12 2, 2009 and April 1, 2009 to avoid a late renewal fine. CE hours are required to renew. Instructions and tutorials on how to complete these forms are available online at the NMLS website listed above. **CE requirement information is available on the internet at: http://dbf.georgia.gov/dbfmtgforms 1. Licensed/Registered companies submit a Form MU1. Post CE info at Website: https://bkgfin.dbf.state.ga.us/ MortgageDocs/MortgageRenewal.html . Available January 2009. 2. Companies submit for each Control Person1 (in Georgia these include director, officer, partner, agent, employee, or ultimate equitable owner of 10 percent or more of the Annual Questionnaire: Calendar year 2008 operating and disclosure data must be completed. . applicant or licensee or any individual who directs the affairs or establishes policy for the applicant or licensee) a Form MU2, as part of their Form MU1 filing. (1Before a Control Post at Website: https://bkgfin.dbf.state.ga.us/ Person's Form MU2 is submitted to the Department, the subject MortgageDocs/MortgageRenewal.html Available January individual must first attest to the information contained in the form.) 2009. 3. Licensees submit for each approved Georgia Branch a Form Failure to complete these requirements will result in a delay in MU3, along with the MU2 for each branch manager. Branch the issuance of your renewal license/registration until the filing is not required for REGISTRANTS. In addition, deficiencies are corrected. ( "SAFE"--Continued on page 3) November 2008 Page 3 News Items (Continued from page 2) Licensees DO NOT have to have approval of or file information for branches not located in Georgia. Only Georgia branch filings are required for Georgia licensees. If you have submitted these forms in another state, then you do not need to re-enter your company, branch or loan officer records into NMLS. You will only need to identify the appropriate license or registration type in Georgia that you are renewing and complete a few state specific fields. However, if you have not registered your in-state Georgia branches by means of filing Georgia branch information with any other state filings, or if this is your first NMLS filing, forms for these branches and the managers will need to be submitted as previously noted. You will need to have your Georgia license number and each branch location's record number (also on the DBF website) in order to transition your record. If you have Georgia branches that have not been pre-approved for operation in Georgia, the application for those branch approvals should be submitted before applying for your license renewal/transition. See branch application information at http://dbf.georgia.gov/dbfmtgforms. Costs Renewal fees noted below are for an interim period license. To meet legislative requirements and to comply with the NMLS system requirements, the licensing period for licenses and registrations will be moved from the current fiscal year period of July 1 to June 30 to a calendar year period of January 1 through December 31. The renewal deadline will move from April 1 to December 1. These changes are anticipated to become effective in July 2009. Please note the schedule of license and registration fees for the interim FY2010 licensing period (July 1 to December 31, 2009): Brokers/Processors $350.00 Lenders $600.00 For companies and sole proprietor licensees and registrants transitioning an existing license or registration onto NMLS, a system processing fee of $100 per company license/registration and a system processing fee of $20 per approved Georgia branch (licensees only) will be required to be paid electronically through NMLS upon submission. These costs are included in the license/ registration fee noted previously. The NMLS processing charges are applied on a per license/registration per state basis. The system processing fees for companies and branches will be deducted from the licensing fees noted above. (Reminder- Registrants are not required to report or register Georgia branch locations). On an ongoing basis, NMLS will annually charge at renewal a processing fee of $100 per company license and a $20 per licensed branch location, both of which are included in the annual licensing fees. There are no other NMLS processing fees. These processing fees pay for NMLS operations, including licensee system access 362 days per year, ability to maintain, renew and run reports on your licenses, and call center support. Georgia licensing, registration and other investigation/processing fees at the state level will still apply. NMLS Training The Department will be participating in a Training Workshop Audio Program & Webinar conducted by the State Regulatory Registry, LLC for Georgia licensees on December 10, 2008. This webinar will provide licensees and applicants with tips on using NMLS to transition and manage one or more licenses. The fee for this workshop is $50. Information will be coming to your e- mail address on record with DBF directly from NMLS/CSBS regarding this training session. NMLS Website The NMLS website (www.stateregulatoryregistry.org/NMLS) provides step-by-step instructions on how to access the system, guides on how to complete the MU Forms, each state's transition plans and requirements, tutorials, current and future participating states, system alerts, system processing fees and general background information. Correspondence regarding renewals/transition and other important NMLS correspondence will only be sent will only be sent to all licensees and registrants by e-mail--PLEASE make certain your e-mail address is current! SPEAKING ENGAGEMENTS Deputy Commissioner for Non-Depository Financial Institutions Rod Carnes, will be speaking to the Atlanta Economics Club on December 9th at 11:45. The meeting will be held at Anthony's Fine Dining, 3109 Piedmont Rd., NE, Atlanta, GA Page 4 November 2008 News Items PROPOSED RULEMAKING Pursuant to the provisions of the Georgia Administrative Proce- dures Act, Official Code of Georgia Annotated (O.C.G.A.) Chapter 50-13 and by authority of O.C.G.A. 7-1-61, 7-1-663; 7-1-1012, and other cited statutes, the Georgia Department of Banking and Finance hereby gives notice of its intent to adopt new and amended rules. A synopsis and purpose precedes each proposed rule change, with background information and explanation where applicable. Comments to the Department of Banking and Finance must be received by December 14, 2008, no later than 4:30 p.m. Specific to Mortgage Licensees are the following changes: 80-5-1-.07 License Renewal Periods and Requirements for Mortgage Brokers and Lenders. This Rule has been added to facilitate the transition of mortgage brokers and mortgage lenders to the Nationwide Mortgage Li- censing System (NMLS) and the conversion from a fiscal year licensing period to a calendar year licensing period. All licensees and registrants will be required to set up an account on NMLS as referenced in this Rule. There will be a transitional six-month licensing period to complete the conversion from the current renewal due date of April 1 to a December 1 renewal due date. After the conversion year period, all licenses and registrations will expire on December 31 of each year. 80-11-4-.01 Initial Experience and Education Requirements; Continuing Education. A change has been made to this Rule reflecting the due date for continuing education hours consistent with a calendar year li- censing period. 80-5-1-.02 License, Registration and Supervision Fees for Check Cashers and Sellers, Money Transmitters, Represen- tative Offices and Mortgage Lenders and Brokers; Due Dates. In order to accommodate participation in the Nationwide Mort- gage Licensing System, changes have been added which will limit an application and license fee for mortgage lenders and brokers 80-11-4-.06 Wholly Owned Subsidiaries of Lenders; Notifi- cation Statement; When Registration Required. A change to this Rule has been made reflecting the due date for registration consistent with a calendar year registration period. To read the proposed rules changes, go to the following URL on our website: http://dbf.georgia.gov/vgn/images/portal/ cit_1210/9/58/127300450DBFProposedRules11-14-08.pdf to cover the main office; each branch office will be assessed a fee; and date changes have been made for renewal applications Comments due: 12-14-2008 and license and registration fees which now must be received before December 1 of each year instead of April 1. HOLIDAY DATE New Year's Day Martin Luther King Jr.'s Birthday Confederate Memorial Day Memorial Day Independence Day Labor Day Columbus Day Veterans' Day Thanksgiving Day Robert E. Lee's Birthday Washington's Birthday Christmas Day OBSERVANCE DATE Thursday, January 1 Monday, January 19 April 26 ~ will be observed Monday, April 27 Monday, May 25 July 4--will be observed Friday, July 3 Monday, September 7 Monday, October 12 Wednesday, November 11 Thursday, November 26 January 19 ~ will be observed on Friday, November 27 February 16 ~ will be observed on Thursday, December 24 Friday, December 25 November 2008 Administrative Actions FINAL CEASE AND DESIST ORDERS Page 5 Admiral Lending, LLC, dba TheEquityNetwork.com, Clearwater, FL (license no. 22118) Cease and Desist Order issued October 24, 2008 became final on November 27, 2008. Cityside Mortgage Group, LLC, Atlanta, GA (license no. 19955) Cease and Desist Order issued October 23, 2008 became final on November 24, 2008. Consumer Home Lending, LLC, Lawrenceville, GA (license no. 20108) Cease and Desist Order issued October 9, 2008 became final on November 11, 2008. Covenant Lending Solutions, LLC, Peachtree City, GA (license no. 19959) Cease and Desist Order issued October 16, 2008 became final on November 15, 2008. Discount Mortgage of America, Inc., Suwanee, GA Cease and Desist Order issued October 15, 2008 became final on November 15, 2008. Diversion Mortgage, LLC, Lawrenceville, GA Cease and Desist Order issued October 15, 2008 became final on November 15, 2008. Druid Mortgage, LLC, Atlanta, GA (license no. 6625) Cease and Desist Order issued October 28, 2008 became final on November 27, 2008. Financial Matters, LLC, Fayetteville, GA (license no. 14388) Cease and Desist Order issued October 16, 2008 became final on November 15, 2008. Geneva Mortgage Corp., Garden City, NY (license no. 13569) Cease and Desist Order issued October 16, 2008 became final on November 15, 2008. Kelly, Benjamin, Jr., Suwanee, GA Cease and Desist Order issued October 17, 2008 became final on November 17, 2008. Sung Won Ko, Suwanee, GA (license no. 23577) Cease and Desist Order issued October 2, 2008 became final on November 1, 2008. Mid Atlantic Capital, LLC, Sewell, NJ (license no. 20351) Cease and Desist Order issued September 30, 2000 became final on November 1, 2008. Nationwide Lending Services, Inc., Jacksonville, FL (license no. 22260) Cease and Desist Order issued October 24, 2008 became final on November 27, 2008. Pacific Residential, Inc. dba PacResLoan, Riverside, CA (license no. 20996) Cease and Desist Order issued October 27, 2008 became final on November 27, 2008. Regal Mortgage Company (AZ) dba Regal Online Mortgage, Phoeniz, AZ (license no. 21519) Cease and Desist Order issued October 9, 2008 became final on November 10, 2008. Page 6 Administrative Actions November 2008 FINAL CEASE AND DESIST ORDERS Seymour, Amy dba Credit Doctor, McDonough Mortgage, Stockbridge, GA Cease and Desist Order issued October 24, 2008 became final on November 24, 2008. Smallins, Charles dba Maximum Property Services, Stone Mountain, GA Cease and Desist Order issued October 22, 2008 became final on November 22, 2008. SN Commercial, LLC, Eureka, CA (license no. 20746) Cease and Desist Order issued October 28, 2008 became final on November 28, 2008. SN Servicing Corporation, Eureka, CA (license no. 12519) Cease and Desist Order issued October 28, 2008 became final on November 27, 2008. Southern Home Equity, Inc., Statesboro, GA (license no. 12348) Cease and Desist Order issued October 23, 2008 became final on November 24, 2008. Southgate Financial Group, LLC, Kennesaw, GA (license no. 20530) Cease and Desist Order issued October 23, 2008 became final on November 24, 2008. Southgate Financial Network, Inc., Norcross, GA (license no. 6464) Cease and Desist Order issued October 16, 2008 became final on November 15, 2008. Sun Star Mortgage Corporation, Marietta, GA (license no. 19567) Cease and Desist Order issued October 9, 2008 became final on November 10, 2008. Union Capital Mortgage (Co.), Braintree, MA (license no. 21373) Cease and Desist Order issued October 9, 2008 became final on November 10, 2008. Wheeler, Shakiethia N. dba Wheeler's Mortgage Group, Jonesboro, GA (license no. 22773) Cease and Desist Order issued October 21, 2008 became final on November 20, 2008 Thompson, Hortense, Stone Mountain, GA Cease and Desist Order issued August 17, 2008 became final on November 12, 2008. CEASE AND DESIST ORDERS--LIFTED, RESCINED, WITHDRAWN AAA Direct Mortgage, Inc., Atlanta, GA (license no. 18784) Cease and Desist Order issued July 21, 2008 was rescinded on November 7, 2008. Fieldstone Mortgage Company, Columbia, MD (license no. 11445) Cease and Desist Order issued August 19, 2008 was rescinded on November 21, 2008. First American Realty Capital Corp., Los Angeles, CA (license no. 15179) Cease and Desist Order issued February 4, 2008 was rescinded on November 21, 2008. Administrative Actions November 2008 FINAL CONSENT ORDERS None SUPERIOR COURT INJUCTIONS--ISSUED None Page 7 FINE INFORMATION Information regarding fines assessed against a specific licensee, against whom there are no pending administrative actions, is available on an individual licensee basis by submitting a written request to the following e-mail address: dbfmort@dbf.state.ga.us FINE REASON 8 Licensees fined for Advertising Violations 2 Licensees fined for Employment of a Felon 3 Licensees fined for Background Checks Violations 2 Licensees fined for Loans Files not Properly Maintained 3 Licensees fined for Books & Records 1 Licensee fined for Prohibited Act 1 Licensee fined for Unapproved Branch Manager 1 Licensee fined for Doing Business w/ Unlicensed Entity 1 Licensee fined for Unapproved Change in Management Page 8 Administrative Actions November 2008 LICENSEES/REGISTRANTS APPROVED OR REINSTATED IN NOVEMBER 2008 ID# 23619 23620 23667 23646 23663 23675 COMPANY NAME Envoy Mortgage, Ltd. (LP) Wallace B. Herring, Jr. Ellie Mae Mortgage Corporation Access E-Mortgage, Inc. Mike Kim Phyllis Mitchell 23682 23686 23583 23602 23632 23635 23673 23677 23678 23681 23690 6217 Fortius Financial and Real Estate Consulting, LLC Berkley Capital Corp. Servis One, Inc. (DE) RoundPoint Mortgage Servicing Corporation Caliber Funding, LLC RoundPoint Mortgage Company Excel Mortgage Servicing, Inc. Julie Ann LeBlanc Tarveres Diego Tate Steven Paul Blanchard So. Lending Consultants, LLC Lenox Mortgage, Inc. 18784 AAA Direct Mortgage, Inc. CITY ST MB CD Houston TX L Hampton GA B Lilburn GA B St. Augstine FL B Duluth GA B Stone Moun- GA B tain Atlanta GA B Boca Raton FL B Titusville PA L Charlotte NC L Scottsdale AZ L Charlotte NC L Irvine CA L Duluth GA B Duluth GA B Cartersville GA B Athens GA B Miramar Beach Atlanta FL B GA B ORIGINAL APPROVAL 11-07-2008 11-07-2008 11-07-2008 11-14-2008 11-14-2008 11-14-2008 11-14-2008 11-14-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 06-22-1993 11-07-2003 RENEWAL 11-07-2008 11-07-2008 11-07-2008 11-14-2008 11-14-2008 11-14-2008 11-14-2008 11-14-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-21-2008 11-07-2008 11-07-2008 REINSTATED 11-07-2008 11-07-2008 11534 Guardhill Financial Corp. New York NY L 11445 Fieldstone Mortgage Company Columbia MD L 15179 First American Realty Capital Corp. Los Angeles CA L 21681 Mainstreet Mortgage Lending En- Port St. Lucie FL B terprises, Inc. TOTAL: 23 04-12-1996 03-01-1996 01-07-2000 10-06-2006 11-07-2008 11-21-2008 11-21-2008 11-21-2008 11-14-2008 11-21-2008 11-21-2008 11-21-2008 CHRISTMAS AND NEW YEAR HOLIDAYS THE OFFICES OF THE DEPARTMENT OF BANKING AND FINANCE WILL BE CLOSED FOR THE CHRISTMAS AND NEW YEAR HOLIDAYS ON THE FOLLOWING DAYS: THURSDAY, DECEMBER 25, 2008, FRIDAY, DECEMBER 26, 2008 AND THURSAY, JANUARY 1, 2009 Merry Christmas Happy Hanukkah & A Happy New Year!! November 2008 Administrative Actions Page 9 LICENSEES/REGISTRANTS REVOKED, EXPIRED, SURRENDERED, WITHDRAWN OR DENIED IN NOVEMBER 2008 ID# COMPANY NAME 6464 SOUTHSTATE FINL NETWORK 6625 DRUID MTG LLC 12348 SOUTHERN HM EQUITY INC 12519 13569 14388 14487 14903 19567 19902 19955 19959 20108 SN SERVICING CORP GENEVA MTG CORP FINL MATTERS LLC HIGHLAND MTG CO INC YOUR CHOICE MTG SUN STAR MTG CORP ALASKA EASTERN PARTNERS CITYSIDE MTG GRP LLC COVENANT LENDING SOLUTION CONSUMER HM LENDING LLC 20351 MID ATLANTIC CAP LLC 20530 SOUTHGAGE FINL GRP LLC 20996 PACIFIC RES INC 21046 EASTERN FINL HM LOANS COR 20746 21337 21373 21519 21699 22118 22260 22400 22773 23039 SN COMM LLC ULTIMATE FINL INV LLC UNION CAP MTG (CO) REGAL MTG CO (AZ) MJS LENDING INC ADMIRAL LENDING LLC NATIONWIDE LNDING SRVCS BAYVIEW MTG CORP WHEELER, SHAKIETHIA NICOL 1ST AMER CAP LLC 23119 HARDCASTLE & ASSOC LLC 23442 SENIOR MTG SVCS LLC 23577 KO, SUNG WON CODE BD BD LD LD LD BD BD BD BD LD BD BD BD LD BD LD LD LD BD LD BD LD LD LD BD BD BD BD BD BD REVOKED EXPIRED 11-15-2008 11-27-2008 11-24-2008 11-27-2008 11-15-2008 11-15-2008 11-10-2008 11-24-2008 11-15-2008 11-11-2008 11-01-2008 11-24-2008 11-27-2008 11-28-2008 11-10-2008 11-10-2008 11-27-2008 11-27-2008 11-20-2008 11-01-2008 SUSPENDED WITHDRAWN DENIED 11-24-2008 11-20-2008 11-26-2008 11-24-2008 11-17-2008 11-17-2008 11-24-2008 11-17-2008 11-18-2008 11-05-2008 TOTAL: 30 November 2008 Page 10 Georgia Department of Banking and Finance 2990 Brandywine Road Suite 200 Atlanta, Georgia 30341-5565 Phone: (770) 986-1136 Fax: (770) 986-1654 or 1655 Email: dbfmort@dbf.state.ga.us LICENSE STATUS CHANJGuEdINgDmICeAnTtO/CRSla&imMONRoTtGifAiGcEatLiIoCnENSE CODES--(In Tables) As a reminder to licensees during the renewal period, O.C.G.A. 7-1-1007 requires reporting to the Department on certain actions brought against licensees, and states the following: License Status Indicators (MB CD) - Mortgage License Codes "(a) A licensee shall give notice to the department by registered or certified mail or statutory over- night delivery of any action which may be brought against it by any creditor or borrower where such action is brought under this article, involves a claim against the bond filed with the department for the purp*oses of cUopmgprliaadneceBwroithkeCrotdoe LSeecntdioenr 7-1-1003 or 7-B1-1004, or involves a clBarimokfoerrdamages in excess of $25,000.00 for a broker and $250,000.00 for a lender and of any judgment which may be entered against it by any creditor or any borrower or prospective borrower, with details sufficient to identify the action or judgment, within 30 days after the commencement of any such action or the entry+of any sDucohwjundggrmadeentL. "ender to Broker L Lender The Department often obtains information regarding judgments and claims from public sources or other regulators, not from the licensee. It is important to remember that such notification to the Depa#rtment bUyptghreadliceeLnseenediesrretoquRireegdisbtyralanwt, and any lPicensee subject to suPchrocclaeimssoorrjudgment must report details to the Department according to the law as noted above. We're on the Web! dbf.georgia.gov Downgrade Registrant to Lender R Registrant Sign-up to Receive this Publication This publication is delivered to interested parties via e-mail and is also available from the Department's website at: http://dbf.georgia.gov. If you would like to be added to our distribution list, please send an e-mail to dbfpress@dbf.state.ga.us and indicate your name, the company you are with, and your phone number. Also, please indicate which publication(s) you would like to receive. See the list under PUBLICATIONS on our home page.