ATLANTA – On Wednesday, April 29, 2009, Governor Sonny Perdue signed House Bill 312. This bill incorporates provisions of the federal S.A.F.E. Mortgage Licensing Act of 2008, a part of the Housing and Economic Recovery Act of 2008, into Georgia public law.
HB 312 was introduced during the 2009 legislative session by Representative Calvin Hill (R- Canton). “Fraudulent and irresponsible mortgage lending practices were major causes of our current economic recession,” said Rep. Hill. “House Bill 312 seeks to prevent these problems from happening again by implementing programs designed to enhance consumer protection and reduce fraud in Georgia.”
HB 312 is designed to enhance consumer protection and reduce fraud by establishing minimum standards for the licensing and registration of state-licensed mortgage loan originators. The bill also requires mortgage loan originators to register with and maintain a unique identifier through registration with the Nationwide Mortgage Licensing System and Registry.
These changes were implemented to: 1) establish a uniform license application for state-licensed loan originators; 2) provide for a comprehensive licensing and supervisory database; 3) improve the flow of information between regulators; 4) Enhance consumer protection and support anti-fraud measures; and 5) facilitate responsible behavior in the mortgage market by providing training and examination requirements.
** A picture of Governor Sonny Perdue and Representative Calvin Hill at the signing of House Bill 312 is attached **
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Representative Calvin Hill represents the citizens of District 21, which includes portions of Cherokee County. He was elected into the House of Representatives in 2002, and is the Vice- Chairman of Appropriations Committee and the Vice-Chairman of the Banks & Banking Committee. He also serves on the Budget and Fiscal Affairs Oversight, Special Rules, and State Institutions & Property Committees.