BANKING AND FINANCE Georgia Fair Lending Act: Amend the Georgia Fair Lending Act; Provide for Changes in Limitations on Late Payment Charges; Clarify that Certain Home Loan Refinancing Shall Not Be Presumed to Be a Flipping; Specify When and Against Whom a Borrower May Assert Claims and Defenses for Violations of the Act Under Certain Circumstances; Provide the Department of Banking and Finance with Express Authority to Promulgate Rules and Regulations; Provide for Good Faith Reliance on Guidance from the Department of Banking and Finance

The Act amends the \u27Georgia Fair Lending Act\u27 by revising certain definitions including \u27annual percentage rate,\u27 \u27creditor,\u27 \u27home loan,\u27 and \u27points and fees.\u27 The Act changes the limitations on late payment charges, clarifies when a home loan refinancing transaction shall be presumed to be a flipping, and provides for the awarding of costs and attorneys\u27 fees for willfully engaging in flipping or an unwarranted refusal to resolve the matter. The Act provides for certain limits on liability for persons who purchase, are assigned, or become a holder of a high-cost home loan. The Act further provides for exemptions for state banks and other financial institutions to the same extent federal law preempt[s] federally chartered banks and financial institutions and makes the Act applicable to independent mortgage brokers who originate or broker a loan initially funded by state or federally chartered bank, trust company, savings and loan, or credit union [sic]. The Act authorizes the Department of Banking and Finance to promulgate rules and regulations to enforce the Act and provides that a creditor\u27s good faith reliance on written guidance by the department shall constitute prima-facie [sic] evidence of compliance with the Act.