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Georgia licensing requirement for purchasing notes?
#3 Tax Liens & Mortgage Notes Contributor
- Investor
- Kingston, WA
An associate forwarded the following info about Georgia licensing requirements for note buyers. Based on the language it seems that an individual would be exempt since it is "solely as an investment". I'm not clear though where they draw the line on business vs. "an investment".
Any comments or insights?
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The Georgia Licensing Department is requiring the servicer of GA loans to verify the owner’s status (per O.C.G.A 7-1-1001):
1.Any person who purchases mortgage loans from a mortgage broker or mortgage lender solely as an investment and who is not in the business of brokering, making, purchasing, or servicing mortgage loans is NOT required to have a license to own the loan. If the loan is on property that is a rental or vacation home, a license is NOT required to own the loan.
2.If the loan is on a primary residential property the lender/buyer/owner of the loan, excluding the above exceptions, must have a Georgia Lender License.