Document Type

Peach Sheet


The "Act amends the 'Georgia Fair Lending Act' by revising certain definitions including 'annual percentage rate,' 'creditor,' 'home loan,' and 'points and fees.' The Act changes the limitations on late payment charges, clarifies when a home loan refinancing transaction shall be presumed to be a flipping, and provides for the awarding of costs and attorneys' fees for willfully engaging in flipping or an unwarranted refusal to resolve the matter. The Act provides for certain limits on liability for persons who purchase, are assigned, or become a holder of a high-cost home loan. The Act further provides for exemptions for state banks and other financial institutions to the same extent federal law preempt[s] federally chartered banks and financial institutions and makes the Act applicable to independent mortgage brokers who originate or broker a loan initially funded by state or federally chartered bank, trust company, savings and loan, or credit union [sic]. The Act authorizes the Department of Banking and Finance to promulgate rules and regulations to enforce the Act and provides that a creditor's good faith reliance on written guidance by the department shall constitute prima-facie [sic] evidence of compliance with the Act.".

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