Rule 80-5-1-.04 - Levy, Collection, and Remittance of Georgia Residential Mortgage Act Per Loan Fee(a) Each borrower who obtains a mortgage loan as defined in O.C.G.A. § 7-1-1000(21) shall pay to the department a per loan fee of $10.00. The $10.00 fee will be due if the loan is secured by a deed to secure debt, security deed, mortgage, security instrument, deed of trust, a modification of a security deed, or other form or modification of a security interest which has been recorded. A change to a security instrument made solely for the purpose of correcting a clerical error will not be subject to a $10.00 fee. Any person who closes mortgage loans that are subject to regulation under Article 13, regardless of whether said person is required to be licensed or registered under the Georgia Residential Mortgage Act, shall act as collecting agent for payment to the department of said per loan fee for each mortgage loan closed by that person. A mortgage loan shall be deemed to have been closed by a person if such person is indicated as the secured party on the security deed or any other loan document that establishes a lien on the residential real estate taken as collateral for the mortgage loan.(b) The fees payable under the provisions of subsection (a) shall be payable to the department by the collecting agent, who is the person responsible for remittance of such fees on a semiannual basis. More specifically, such fees for the period January 1 through June 30 of each year shall be remitted to the department no later than the first business day of September of each year and such fees for the period July 1 through December 31 of each year shall be remitted to the department no later than the first business day of March of each year. A fee statement indicating the number of mortgage loans closed during the applicable reporting period by the collecting agent shall accompany the fees remitted. The per loan fees and the corresponding fee statement shall be remitted to the Department through its online reporting and payment system located on the Department's website. Failure to timely remit per loan fees along with the corresponding fee statement via the online reporting and payment system may result in the imposition of a fine.Ga. Comp. R. & Regs. R. 80-5-1-.04
Ga. L. 1974, pp. 732, 733; Ga. L. 1988, p. 243; 1993, p. 543; O.C.G.A. § 7-1-41; § 7-1-61; § 7-1-1011; § 7-1-1012.
Original Rule entitled "Other Charges" adopted. F. Nov. 4, 1975; eff. Nov. 24, 1975.Amended: F. June 28, 1984; eff. August 1, 1984, as specified by the Agency.Amended: F. June 10, 1988; eff. June 30, 1988.Repealed: New Rule entitled "Georgia Residential Mortgage Act Per Loan Fee" adopted. F. Oct. 15, 1993; eff. Nov. 4, 1993.Amended: Rule retitled "Levy, Collection and Remittance of Georgia Residential Mortgage Act Per Loan Fee" adopted. F. Jan. 27, 1995; eff. Feb. 16, 1995.Amended: F. July 14, 1998; eff. August 3, 1998.Amended: F. Dec. 18, 2000; eff. Jan. 7, 2001.Amended: F. Oct. 22, 2001; eff. Nov. 11, 2001.Amended: Rule retitled "Levy, Collection, Remittance and Refunds of Georgia Residential Mortgage Act Per Loan Fee." F. July 28, 2003; eff. August 17, 2003.Amended: F. Aug. 2, 2011; eff. Aug. 22, 2011.Amended: F. Sep. 18, 2012; eff. Oct. 8, 2012.Amended: F. Nov. 7, 2013; eff. Nov. 27, 2013.Amended: New title "Levy, Collection, and Remittance of Georgia Residential Mortgage Act Per Loan Fee." F. Dec. 5, 2014; eff. Dec. 25, 2014.