HB82.html

To amend Chapter 6A of Title 7 of the Official Code of Georgia Annotated, relating to the "Georgia Fair Lending Act," so as to exclude certain fees paid to federal government agencies that insure payment of home loans from the definition of points and fees; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.

Chapter 6A of Title 7 of the Official Code of Georgia Annotated, relating to the "Georgia Fair Lending Act," is amended by striking subparagraph (G) of paragraph (13) of Code Section 7_6A_2, relating to definitions, and inserting in its place the following:
"(G) Points and fees shall not include:
(i) Taxes, filing fees, recording, and other charges and fees paid or to be paid to public officials for determining the existence of or for perfecting, releasing, or satisfying a security interest;
(ii) Bona fide ~~and reasonable~~ fees paid to a federal government agency that insure payment of some portion of a home loan including, but not limited to, Federal Housing Administration loans, Veterans Administration loans, or United States Department of Agriculture rural development loans or bona fide and reasonable fees paid to a person other than the creditor or an affiliate of the creditor for the following: fees for tax payment services; fees for flood certification; fees for pest infestation and flood determination; appraisal fees; fees for inspections performed prior to closing; credit reports; surveys; attorneys´ fees, if the borrower has the right to select the attorney from an approved list or otherwise; notary fees; escrow charges, so long as not otherwise included under subparagraph (A) of this paragraph; title insurance premiums; and fire and hazard insurance and flood insurance premiums, provided that the conditions in 12 C.F.R. 226.4(d)(2) are met."