What does the Georgia Residential Mortgage Act regulate?

The Georgia Residential Mortgage Act specifically regulates the conduct of mortgage lenders and brokers within the state. This legislation is designed to protect consumers by ensuring that mortgage lending practices are fair, transparent, and ethical. By establishing licensing requirements and operational standards for lenders and brokers, the act aims to promote accountability and prevent predatory lending practices.

The focus of the Act is clearly on the mortgage industry rather than any other aspects of real estate, such as property sales, tax obligations, or the licensing of real estate agents. This makes the regulation specifically tailored to address issues related to mortgage transactions, ensuring that borrowers are treated fairly and that lenders comply with state laws and regulations.