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 State Licensing Requirements

 
Company Licenses Description Requirements Checklist
Check Casher License This application is to be completed and filed by each applicant, regardless of whether it is organized as a company or sole proprietorship, for a license or registration to engage in business as a check casher. Georgia law defines a “check casher” as any individual, partnership, association, or corporation engaged in cashing payment instruments for a fee.
Installment Lender License Pursuant to the Georgia Installment Loan Act, located in the Official Code of Georgia Annotated (O.C.G.A.) § 7-3-1 et. seq.), an "Installment lender" means any person that advertises, solicits, offers, or makes installment loans. Georgia law defines an installment loan as a contract or agreement to make a loan to an individual in an amount of $3,000.00 or less, including the renewal or refinancing of any such loan. Access to the entire Georgia Code is provided by LexisNexis from the Georgia General Assembly's website. Go to the O.C.G.A. Rules governing the installment loan industry are primarily located at Chapter 80-14. Certain application, investigation, supervision, examination and other fees are also found at Chapter 80-5.
Money Transmitter License This application is to be completed and filed by each applicant, regardless of whether it is organized as a company or sole proprietorship, for a license to engage in business as a money transmitter. Georgia law defines “money transmitter” as a person licensed to transmit money. “Money transmission” is defined as engaging in the business of receiving money or monetary value for transmission or transmitting money or monetary value within the United States or to locations abroad by any and all means, including, but not limited to an order, wire, facsimile, or electronic transfer.
Mortgage Broker/Processor License/Registration This application is to be completed and filed by each applicant, regardless of whether it is organized as a company or sole proprietorship, for a license or registration to engage in a mortgage business as a broker or processor. Pursuant to the Georgia Residential Mortgage Act, “Mortgage Broker” means any person who directly or indirectly solicits, processes, places, or negotiates mortgage loans for others, or offers to solicit, process, place, or negotiate mortgage loans for others or who closes mortgage loans which may be in the mortgage broker's own name with funds provided by others and which loans are assigned within 24 hours of the funding of the loans to the mortgage lenders providing the funding of such loans.
Mortgage Lender License/Registration This application is to be completed and filed by each applicant, regardless of whether it is organized as a company or sole proprietorship, for a license or registration to engage in a mortgage business as a lender pursuant to the Georgia Residential Mortgage Act. A mortgage lender means any person who directly or indirectly makes, originates, or purchases mortgage loans or who services mortgage loans.
Seller of Payment Instruments License This application is to be completed and filed by each applicant, regardless of whether it is organized as a company or sole proprietorship, for a license to engage in business as a payment instrument issuer or seller. Georgia law defines “payment instrument issuer” or “payment instrument seller” as a person licensed to engage in the issuance or sales of payment instruments.
Branch Licenses Description Requirements Checklist
Check Casher Branch Location Each Check Casher licensee who intends to operate and maintain an additional office in Georgia notify the Department of Banking and Finance of an additional Georgia branch location within 30 days of cashing checks from that location Out-of-State locations do not require approval.
Installment Lender Branch Approval Each licensee who intends to operate and maintain an additional office in Georgia shall file an application with the Department of Banking and Finance (Department) requesting approval to open an additional office. A “branch” shall be any physical location, other than the principal place of business, where a licensee engages in the business of installment lending. Each branch location must be separately approved and will require a filing of a Branch Form (MU3) through the NMLS. Branches located outside the State of Georgia do not require the Department’s approval. A location, including a personal residence, shall be considered a branch of a licensee requiring approval for purposes of the Georgia Installment Loan Act (Act) if any of the following conditions are met: • The location address is printed on or contained in letterheads, business cards, announcements, advertisements, solicitations for business, flyers, brochures, or the like; • Georgia consumers are received at the location or are directed to deliver any information by any means to the location; • Loan files or any other books and records required by the Act or Department rules are located at the location; or • The licensee directly or indirectly reimburses for rent, utility bills or other expenses incurred for use of a location as a branch.
Mortgage Branch Approval Each licensee who intends to operate and maintain an additional office in Georgia shall file an application with the Department of Banking and Finance requesting approval to open an additional Georgia office. A branch manager must be designated and approved for each licensed location. Out-of-State locations do not require approval. In addition, Registrants are not required to have Georgia in-state branches approved.
Individual Licenses Description Requirements Checklist
Mortgage Loan Originator This application for license is to be completed and filed by each individual applicant who intends to engage in mortgage loan origination in Georgia. Pursuant to the Georgia Residential Mortgage Act, “Mortgage Loan Originator” means an individual who for compensation or gain or in the expectation of compensation or gain takes a residential mortgage loan application or offers or negotiates terms of a residential mortgage loan. Generally, this does not include an individual engaged solely as a loan processor or underwriter.
 

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