Georgia revised provisions under the Residential Mortgage Act, including, but not limited to, the following:

• An applicant for a mortgage lender license must provide a bond of $250,000, previously $150,000. This will become effective on December 31, 2017.
• The department may now conduct an on-site examination without prior notice, with the licensee or registrant to pay the reasonably incurred costs for such examination. This will become effective on June 1, 2017

Iowa Revises Consumer Credit Code Provisions

Iowa revised provisions under the Consumer Credit Code, including, but not limited to, the following:

• The annual notification fee shall increase to $50, previously $10.
• The administrator may bring a civil action against a person to recover a civil penalty of no more than $10,000 for repeatedly and intentionally violating the Consumer Credit Code. The amount was previously $5,000.
• With open-end credit, the parties may contract for a delinquency charge on any payment not paid in full when due, as originally scheduled or as deferred, in an amount up to $30, previously $15.

These provisions are effective July 1, 2017.