Rule 80-11-1-.06. Compliance with Federal Requirements
Rule 80-11-1-.06. Compliance with Federal Requirements
- (1) For the purposes of this Rule,"loan or finance company" refers to every person subject to the licensing requirements of the Georgia Residential Mortgage Act ("GRMA") who satisfies the definition of a loan or finance company under the Currency and Foreign Transactions Reporting Act of 1970 and its related regulations, including those set forth at 31 CFR Chapter X (together, the "Bank Secrecy Act").
- (2) Every loan or finance company shall develop and implement a written anti-money laundering program and comply with the filing requirements, recordkeeping requirements, currency transaction reporting, suspicious activity reporting, and other requirements set forth in the Bank Secrecy Act.
- (3) Records required to be maintained under this Rule shall be maintained in accordance with Rule Chapter 80-11-2. Loan or finance companies may consult https://www.fincen.gov/resources/financial-institutions/mortgage-co-broker [File Link Not Available] for questions about the federal requirements.
Authority: O.C.G.A. §§ 7-1-61; 7-1-1012.
History. Original Rule entitled "Compliance with Federal Requirements" adopted. F. June 27, 2018; eff. July 17, 2018.