A Georgia originator leaves a licensed broker on 10 August 2026 to become a loan officer at an exempt bank. What must the originator do with the Georgia license on beginning work for the exempt bank?
Correct Answer
A) The license is surrendered immediately through the Registry now
An originator must immediately surrender the license to the Department through the Registry once leaving the employ of a licensed broker or lender and beginning work as a loan officer for an exempt entity. Other choices: keeping it active against a possible return is what the rule forbids; there is no 24-month inactive status for this; and waiting until the 31 December renewal is not immediate. Source: Ga. Comp. R. & Regs. 80-11-5-.01(6)
Why This Is the Correct Answer
An originator must immediately surrender the license to the Department through the Registry once leaving the employ of a licensed broker or lender and beginning work as a loan officer for an exempt entity. Other choices: keeping it active against a possible return is what the rule forbids; there is no 24-month inactive status for this; and waiting until the 31 December renewal is not immediate. Source: Ga. Comp. R. & Regs. 80-11-5-.01(6)
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