Posted by Bob Smith on February 13, 2010 at 15:02:21:
You have to be a licensed servicer in GA merely to service your own notes.
I didn’t know you have to be a licensed lender to merely buy notes.
Litigating this kind of regulatory foolishness rarely brings happiness.
Besides, existing licensees are protected from competing with you so they
have a vested interest in opposing you.
GA paper sellers/buyers regulated - Posted by John Merchant
Posted by John Merchant on February 10, 2010 at 17:11:40:
I was just reading today on another RE site that GA has taken the position that ANYBODY* buying or selling GA notes must be GA licensed and anybody not licensed is going to get a “cease and desist” from State of GA.
So if you’re in GA and offered notes originating there just remember to check GA laws carefully ahead of time so you don’t get you’re hands slapped.
Has GA got the right to do this? Great question and it sounds to me like they’re over-reaching their authority, but better to be on safe side.
*Even an out of stater might be breaking GA law if he/she deals in GA paper sans lic.