Rule 80-15-1-.02v2. [Effective 7/6/2026] Nationwide Multistate Licensing System and Registry

Rule 80-15-1-.02. [Effective 7/6/2026] Nationwide Multistate Licensing System and Registry

1. (1) Registration.

   1. (a) All applications for registrations must be made through the Nationwide Multistate Licensing System and Registry ("NMLS") unless otherwise expressly exempted from this requirement by the Department in writing. Applications for initial registrations which are approved between November 1 and December 31 in any year will not be required to file a renewal application for the next calendar year. All fees are non-refundable.
   2. (b) All registrations shall expire on December 31 of each year, and an application for renewal shall be made annually between November 1 and December 31 each year. Subsequent renewal applications and/or registration fees must be received on or before December 1 of each year or the renewal applicant will be assessed a late fee as set forth in Rule 80-5-1-.02. A renewal application is not deemed received until all required information and corresponding fees have been provided by the registrant. A proper renewal application not received on or before the December 1 renewal application deadline of each year cannot be assured of issuance or renewal prior to January 1, at which time the registration will expire. Unless a proper renewal application has been received any registration which is not renewed on or before December 31 will require the renewal applicant to file an initial application in order to conduct business as a litigation financier in the State after that date.

2. (2) The responsibility of applicants and registrants to update information in NMLS.

   1. (a) It shall be the sole responsibility of each applicant for a registration and each registrant to keep current at all times its information on the NMLS. Amendments to any information on file with the NMLS must be made by the applicant or registrant within ten (10) business days of the date of the event necessitating the change. The Department shall have no responsibility for any communication not received by an applicant or registrant due to its failure to maintain current contact information on the NMLS as required.
   2. (b) Amendments to the registration or any responses to disclosure questions by an applicant for a registration or a registrant must be made within ten (10) business days following the date of the event necessitating the change. Failure by an applicant for a registration to timely update the applicant's responses to disclosure questions may result in the denial of the application. In the case of a registrant, failure to timely update the registration or any disclosure information may result in the imposition of an administrative fine.
   3. (c) It shall be the responsibility of each applicant for a registration and each registrant to ensure that its directors, officers, partners, and owners keep current at all times their information on the NMLS. Amendments to any information on file with the NMLS must be made by the director, officer, partner, or owner within ten (10) business days of the date of the event necessitating the change.
   4. (d) Amendments to any responses to disclosure questions by a director, officer, partner, or owner must be made within ten (10) business days following the date of the event necessitating the change. Failure by a director, officer, partner, or owner of an applicant for a registration to timely update their responses to disclosure questions may result in the denial of the application. In the case of a registrant, failure by a control person to timely update any disclosure information may result in the imposition of an administrative fine.
3. (3) A registrant may challenge information entered by the Department into the NMLS. All challenges must be sent to the Department in writing addressed to the attention of the Deputy Commissioner of Non-Depository Financial Institutions. Once received, the Department shall consider the merits of the challenge raised and provide the registrant with a written reply that shall be the Department's final decision regarding the challenge.

Authority: O.C.G.A. §§ 7-10-2, 7-10-10.

History. Original Rule entitled "Nationwide Multistate Licensing System and Registry" adopted. F. Oct. 2, 2025; eff. Oct. 22, 2025.

Amended: F. June 16, 2026; eff. July 6, 2026.