Bill Text: GA HB239 | 2011-2012 | Regular Session | Comm Sub

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Bill Title: Financial institutions; provide for definitions

Sponsorship: Partisan Bill (Republican 4)

Status: (Passed) 2011-07-01 - Effective Date [HB239 Detail]

Download: Georgia-2011-HB239-Comm_Sub.html

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11 LC 34 2974S

House Bill 239 (COMMITTEE SUBSTITUTE)

By: Representatives Morris of the 155th, Harden of the 28th, and Nix of the 69th

A BILL TO BE ENTITLED
AN ACT

To amend Chapter 1 of Title 7 of the Official Code of Georgia Annotated, relating to financial institutions, so as to provide for definitions; to provide the Department of Banking and Finance the power to require dissolution of a financial institution; to provide for the effect of failure to maintain five members on a board of directors; to provide for service on a credit committee by a director of a credit union in certain cases; to provide for the payment of a P.O.D. account to an incorporated entity; to provide that certain attorneys must be licensed to practice law in Georgia; to change definitions relating to licensing of mortgage lenders and mortgage brokers; to provide for an effective date for licenses for mortgage loan originators; to change cross-references as necessary; to provide for surety bonds in certain situations; to provide for the administration of a nationwide system of licensing; to provide for confidentiality of certain information; to provide penalties for hiring persons with previous convictions in certain situations; to provide for renewal and expiration of licenses and registrations; to provide for ownership of related businesses; to provide for the investigation of applicants and educational experience; to provide for the continuation of actions; to provide for penalties per violation per day; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Chapter 1 of Title 7 of the Official Code of Georgia Annotated, relating to financial institutions, is amended by revising paragraph (35) of Code Section 7-1-4, relating to definitions, as follows:

"(35) 'Statutory capital base' means:

(A) The the sum of the capital stock, the paid-in capital, the appropriated retained earnings, and the capital debt of a bank or trust company less any amount of good will, core deposit intangibles, or other intangible assets related to the purchase, acquisition, or merger of a bank charter; or accumulated deficit (negative retained earnings).

(B) The amount of the net assets of such financial institution, whichever is the lower amount."

SECTION 2.

Said chapter is further amended by adding a new subsection to Code Section 7-1-113, relating to voluntary dissolution prior commencement of business by a financial institution, as follows:

"(c) If the department determines that a financial institution has not conducted any business other than organizational business and, if articles of dissolution satisfying the requirements of this chapter are not delivered in duplicate to the department together with the filing fee as required by Code Section 7-1-862, the department may make written demand upon the financial institution to immediately provide articles of dissolution or to provide cause why such dissolution should not be pursued directly by the department. If the financial institution fails to provide articles of dissolution as required within 60 days from the date of demand by the department, the department may seek dissolution of the financial institution in organization directly from the Secretary of State's office."

SECTION 3.

Said chapter is further amended by revising subsection (a) of Code Section 7-1-482, relating to number, term, and compensation of directors, as follows:

"(a) The articles or bylaws of any bank or trust company may fix the number of directors of its policy-making board at not less than five nor more than 25 and may provide that the board may, within such limitation, increase or decrease the number of directors by not more than two in any one year, provided that nothing in this subsection shall require a bank with a board of directors of less than five on July 1, 1972, to increase its board to five members. The failure of a bank or trust company to maintain at least five directors at any time does not exculpate the remaining directors from their obligations and liabilities associated with the actions and decisions made as directors of the financial institution, nor does it in any way void any actions taken or decisions made by the board of directors during any such time that there were less than five directors."

SECTION 4.

Said chapter is further amended by revising subsection (c) of Code Section 7-1-655, relating to the operation of the board of directors of credit unions, as follows:

"(c) At the organizational meeting and at its first meeting after each annual meeting of the members, the board of directors shall appoint a supervisory committee, credit committee, chairman chairperson, president, secretary, and such other officers consistent with the bylaws as the board deems desirable. No member of the supervisory committee may serve as a member of the credit committee or as an officer, unless the board of directors functions as the credit committee as provided for in subsection (f) of Code Section 7-1-658."

SECTION 5.

Said chapter is further amended by revising paragraphs (10) and (11) of Code Section 7-1-810, relating to definitions regarding multiple-party accounts, as follows:

"(10) 'P.O.D. account' means an account payable on request to one person during his or her lifetime or to an incorporated entity and on his such person's death to one or more P.O.D. payees or to one or more persons during their lifetimes or to an incorporated entity and on the death of all of them or the dissolution of the incorporated entity to one or more P.O.D. payees.

(11) 'P.O.D. payee' means a person or an incorporated entity designated on a P.O.D. account as one to whom the account is payable on request after the death of one or more persons."

SECTION 6.

Said chapter is further amended by revising paragraphs (20) and (23) of Code Section 7-1-1000, relating to definitions regarding licensing of mortgage lenders and mortgage brokers, as follows:

"(20) 'Mortgage lender' means any person who directly or indirectly makes, originates, underwrites, holds, or purchases mortgage loans or who services mortgage loans."

"(23) 'Nationwide Mortgage Licensing System and Registry' means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators, mortgage loan brokers, and mortgage loan lenders, or its successor."

SECTION 7.

Said chapter is further amended by revising paragraph (5) of subsection (a) of Code Section 7-1-1001, relating to registration requirements and exemptions regarding licensing of mortgage lenders and mortgage brokers, as follows:

"(5) A licensed An attorney licensed to practice law in Georgia who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator;"

SECTION 8.

Said chapter is further amended by revising subsections (a) and (b) of Code Section 7-1-1001.1, relating to licenses for mortgage loan originators, as follows:

"(a) In order to comply with the federal requirements contained in the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, also known as the S.A.F.E. Mortgage Licensing Act of 2008, on and after January 1, 2010, or such later date approved by the Secretary of the United States Department of Housing and Urban Development, pursuant to the authority granted under Public Law 110-289, Section 1508(a) Effective August 1, 2010, it shall be prohibited for any person to engage in the activities of a mortgage loan originator without first obtaining and maintaining a mortgage loan originator license as set forth in this article. All provisions within this article that relate to the licensing requirements and associated duties and responsibilities of mortgage loan originators shall be effective on and after January 1, 2010, or such later date approved by the Secretary of the United States Department of Housing and Urban Development, pursuant to the authority granted under Public Law 110-289, Section 1508(a) as of August 1, 2010.

(b) The department shall have the broad administrative authority to administer, interpret, and enforce this article and the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, and promulgate rules or regulations implementing it, in order to carry out the intentions of the federal legislature legislation."

SECTION 9.

Said chapter is further amended by revising paragraph (3) of subsection (a) of Code Section 7-1-1002, relating to transaction of business without a license, as follows:

"(3) In the case of an employee of a mortgage broker or mortgage lender, such person has qualified to be relieved of the necessity for a license under the employee exemption in paragraph (11)(14) of subsection (a) of Code Section 7-1-1001;"

SECTION 10.

Said chapter is further amended by revising subsection (c) of Code Section 7-1-1003.2, relating to financial requirements for licensing and registration, as follows:

"(c) Each mortgage loan originator shall be covered by a the surety bond in accordance with this Code section of his or her sponsoring licensed or registered mortgage broker or lender. In the event that the mortgage loan originator is an employee of a licensed or registered mortgage broker or lender or under an exclusive written independent contractor agreement as described in paragraph (17) of Code Section 7-1-1001, the surety bond of such licensed or registered mortgage broker or lender may be used in lieu of the mortgage loan originator's surety bond requirement. If the surety bond of the licensed or registered mortgage broker or lender is used in lieu of an individual mortgage loan originator's surety bond then that surety bond shall provide coverage for each covered mortgage loan originator in such amount as the department may require that reflects the dollar amount of loans originated as determined by the department."

SECTION 11.

Said chapter is further amended by revising Code Section 7-1-1003.5, relating to the uniform administration of an automated licensing system for mortgage loan originators, mortgage brokers, and mortgage lenders, as follows:

"7-1-1003.5.

(a) The General Assembly has determined that a uniform multistate administration of an automated licensing system for mortgage loan originators, mortgage brokers, and mortgage lenders is consistent with both the public interest and the purpose of this chapter; therefore, for the sole purpose of participating in the establishment and implementation of a multistate automated licensing system for mortgage loan originators, mortgage brokers, and mortgage lenders, the department is authorized to:

(1) Participate in a nation-wide residential mortgage licensing system established the Nationwide Mortgage Licensing System and Registry in order to facilitate the sharing of information and standardization of the licensing and application processes for mortgage loan originators, mortgage brokers, and mortgage lenders by electronic or other means;

(2) Enter into operating agreements, information sharing agreements, interstate cooperative agreements, and other contracts necessary for the department's participation in the nation-wide residential mortgage licensing system Nationwide Mortgage Licensing System and Registry;

(3) Ensure Request that the nation-wide residential mortgage licensing system Nationwide Mortgage Licensing System and Registry adopts an appropriate privacy, data security, and security breach notification policy that is in full compliance with existing state and federal law;

(4) Disclose or cause to be disclosed without liability via the Nationwide Mortgage Licensing System and Registry applicant and licensee information, including, but not limited to, violations of this article and enforcement actions, via the nation-wide residential mortgage licensing system to facilitate regulatory oversight of mortgage loan originators, mortgage brokers, and mortgage lenders across state jurisdictional lines;

(5) Establish and adopt, by rule or regulation, requirements for participation by applicants and licensees in the nation-wide residential mortgage licensing system Nationwide Mortgage Licensing System and Registry upon the department's finding determination that each new or amended requirement is consistent with both the public interest and the purposes of this article; and

(6) Pay all fees received from licensees and applicants related to applications, licenses, and renewals to the Office of the State Treasurer; provided, however, that the department may net such fees to recover the cost of participation in the nation-wide residential mortgage licensing system; and Nationwide Mortgage Licensing System and Registry.

(7) Modify by rule the license renewal dates set forth in Code Section 7-1-1005 for mortgage brokers and mortgage lenders from a fiscal year to a calendar year, including providing for a one-time, six-month licensing period accompanied by a one-time reduced fee during the conversion year from a fiscal licensing year to a calendar licensing year.

(b) Irrespective of its participation in a nation-wide residential mortgage licensing system the Nationwide Mortgage Licensing System and Registry, the department retains full and exclusive authority over determinations whether to grant, renew, suspend, or revoke licenses issued to mortgage loan originators, mortgage brokers, and mortgage lenders under this article. Nothing in this Code section shall be construed to reduce this authority."

SECTION 12.

Said chapter is further amended by revising Code Section 7-1-1003.6, relating to the confidentiality of information, as follows:

"7-1-1003.6.

(a) Except as otherwise provided in the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008, the requirements under any federal law or Georgia state law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the Nationwide Mortgage Licensing System and Registry. Such information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority agencies or law enforcement authorities without the loss of privilege or the loss of confidentiality protection provided by federal or state law.

(b) Information or material that is subject to privilege or confidentiality under subsection (a) of this Code section shall not be subject to:

(1) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(2) Subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to regarding such information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of such person that privilege.

(c) This Code section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, licensees that are included in the Nationwide Mortgage Licensing System and Registry for access by the public."

SECTION 13.

Said chapter is further amended by revising subsection (c) of Code Section 7-1-1003.7, relating to approval of educational courses by the department, as follows:

"(c) The initial application shall be filed with the department along with fees established by rule, no portion of which shall be refunded or prorated. Upon receipt of an application, the department shall conduct such investigation as it deems necessary to determine that the applicant and the individuals who direct the affairs or establish policy for the applicant, including the officers, directors, or the equivalent, are of good character and ethical reputation; that the applicant and such persons meet the requirements of subsection (d)(h) of Code Section 7-1-1004; that the applicant and such persons demonstrate reasonable financial responsibility; that the applicant has and maintains a registered agent for service in this state; and that the applicant and such persons are qualified by education and experience to present courses directly related to the mortgage brokering process."

SECTION 14.

Said chapter is further amended by revising subsections (d), (e), (h), and (o) through (q), and adding a new subsection in Code Section 7-1-1004, relating to the investigation of applicants and educational experience by the department, as follows:

"(d) Upon receipt of an application for a mortgage loan originator license, the department shall conduct such investigation as it deems necessary to determine that the mortgage loan originator applicant:

(1) Has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation;

(2) Has not been convicted of, or pled pleaded guilty or nolo contendere to, a felony in a domestic, foreign, or military court; provided, however, that any pardon of a conviction shall not be a conviction for purposes of this subsection;

(3) Has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this article;

(4) Has completed the prelicensing education requirement described in subsection (e) of this Code section; and

(5) Has passed a written test that meets the test requirement described in subsection (f) of this Code section; and.

(6) Has met the surety bond requirement pursuant to subsection (c) of Code Section 7-1-1003.2.

(e)(1) An individual shall complete at least 20 hours of prelicensing education courses reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a prelicensing education course shall include review and approval of the course provider. The 20 hours of prelicensing education shall include at least:

(A) Three hours of federal law and regulations;

(B) Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and

(C) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.

(2) Nothing in this subsection shall preclude any prelicensing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the mortgage loan originator applicant or an entity which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such employer or entity.

(3) Prelicensing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.

(4) The prelicensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in paragraph (1) of this subsection for any state shall be accepted as credit towards completion of prelicensing education requirements in Georgia.

(5) A person previously licensed under this article subsequent to January 1, 2010, applying to be licensed again shall prove that he or she has completed all of the continuing education requirements for the year in which the license was last held."

"(h) The department shall not issue or may revoke a license or registration if it finds that the mortgage loan originator, mortgage broker, or mortgage lender applicant or licensee, or any person who is a director, officer, partner, agent, employee, or ultimate equitable owner of 10 percent or more of the mortgage broker or mortgage lender applicant, registrant, or licensee or any individual who directs the affairs or establishes policy for the mortgage broker or mortgage lender applicant, registrant, or licensee, has been convicted of a felony in any jurisdiction or of a crime which, if committed within this state, would constitute a felony under the laws of this state. For Other than a mortgage loan originator, for the purposes of this article, a person shall be deemed to have been convicted of a crime if such person shall have pleaded guilty or nolo contendere to a charge thereof before a court or federal magistrate or shall have been found guilty thereof by the decision or judgment of a court or federal magistrate or by the verdict of a jury, irrespective of the pronouncement of sentence or the suspension thereof, and regardless of whether first offender treatment without adjudication of guilt pursuant to the charge was entered, or an adjudication or sentence was otherwise withheld or not entered on the charge, unless and until such plea of guilty, or such decision, judgment, or verdict, shall have been set aside, reversed, or otherwise abrogated by lawful judicial process or until probation, sentence, or both probation and sentence of a first offender have been successfully completed and documented, or unless the person convicted of the crime shall have received a pardon therefor from the President of the United States or the governor or other pardoning authority in the jurisdiction where the conviction occurred or shall have received an official certification or pardon granted by the state's pardoning body in the jurisdiction where the conviction occurred. Any pardon of a conviction shall not be a conviction for purposes of this subsection. For purposes of this article, a mortgage loan originator shall be deemed to have been convicted of a crime if he or she has pleaded guilty to, been found guilty of, or entered a first offender or nolo contendere plea to a felony in a domestic, foreign, or military court; provided, however, that any pardon of a conviction shall not be a conviction."

"(o) The department shall not issue a license or registration to and may revoke a license or registration from a mortgage broker or mortgage lender applicant, licensee, or registrant if such person employs any other person against whom a final cease and desist order has been issued within the preceding five years if such order was based on a violation of Code Section 7-1-1013 or based on the conducting of a mortgage business; for a violation of Code Section 7-1-1002, subsection (h) of Code Section 7-1-1004, or Code Section 7-1-1013; or whose license was revoked within five years of the date such person was hired. Each mortgage broker and mortgage lender applicant, licensee, and registrant shall, before hiring an employee, examine the department's public records to determine that such employee is not subject to the type of cease and desist order described in this subsection. The department shall not issue a license or registration to and may revoke a license or registration from a mortgage broker or mortgage lender applicant, licensee, or registrant if such person:

(1) Has been the recipient of a final cease and desist order issued within the preceding five years if such order was based on a violation of subsection (h) of this Code section or Code Section 7-1-1002 or 7-1-1013;

(2) Employs any other person against whom a final cease and desist order has been issued within the preceding five years if such order was based on a violation of subsection (h) of this Code section or Code Section 7-1-1002 or 7-1-1013; or

(3) Has had his or her license revoked within five years of the date such person was hired or employs any other person who has had his or her license revoked within five years of the date such person was hired.

(p) Each mortgage broker and mortgage lender applicant, licensee, and registrant shall, before hiring an employee, examine the department's public records to determine that such employee is not subject to the type of cease and desist order described in subsection (o) of this Code section.

(p)(q) Within 90 days after receipt of a completed application and payment of licensing fees prescribed by this article, the department shall either grant or deny the request for license or registration.

(q)(r) A person shall not be indemnified for any act covered by this article or for any fine or penalty incurred pursuant to this article as a result of any violation of the law or regulations contained in this article, due to the legal form, corporate structure, or choice of organization of such person, including, but not limited to, a limited liability company."

SECTION 15.

Said chapter is further amended by revising Code Section 7-1-1005, relating to the renewal and expiration of licenses and registrations, as follows:

"7-1-1005.

(a) Except as otherwise specifically provided in this article, all licenses and registrations issued pursuant to this article shall expire on December 31 of each year, and application for renewal shall be made annually on or before December 1 of each year.

(b) Any licensee or registrant making proper application, including all supporting documents, demonstration that all necessary continuing education has been successfully completed, moneys owed to the department, and all applicable fees required by this article and any regulations promulgated by the department, for a license or registration renewal to operate during the following license year and filing the application prior to December 1 shall be permitted to continue to operate pending final approval or disapproval of the application for the license or registration renewal for the following year if final approval or disapproval is not granted prior to January 1. Any licensee or registrant making proper application on or before December 1 for the renewal of a license or registration for the following calendar year shall be permitted to continue to operate pending final approval or disapproval of the application if the application for the license or registration is not acted upon prior to January 1. For purposes of this subsection, a 'proper application' shall include a requirement that all documentation requesting a renewal has been completed, the requisite continuing education has been successfully obtained, and payment has been made of all outstanding fines and applicable fees required by this article.

(c) No investigation fee shall be payable in connection with the renewal application, but an annual license or registration fee established by regulation of the department to defray the cost of supervision shall be paid with each renewal application, which fee shall not be refunded or prorated if the renewal application is approved.

(d) Any person holding a license or registration pursuant to this article who fails to file a proper application for a license or registration renewal for the following license year, including the proper fee accompanying the application, on or before December 1 and who files an application after December 1 may be required to pay, in addition to the license or registration fees, a fine in an amount to be established by regulations promulgated by the department.

(e) The minimum standards for license renewal for mortgage loan originators shall include:

(1) The mortgage loan originator continues to meet the minimum standards for license issuance;

(2) The mortgage loan originator has satisfied the annual continuing education requirements; and

(3) The mortgage loan originator has paid all required fees for renewal of the license; and

(4) The mortgage loan originator is in compliance with any and all written orders issued by the department.

(f) The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The department may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry."

SECTION 16.

Said chapter is further amended by revising Code Section 7-1-1008, relating to the acquisition of shares or ownership of a mortgage broker or mortgage lender, as follows:

"7-1-1008.

(a) Except as provided in this Code section, no person shall acquire directly or indirectly 10 percent or more of the voting shares of a corporation or 10 percent or more of the ownership of any other entity licensed or registered to conduct business as a mortgage broker or mortgage lender under this article unless it first:

(1) Files an application with the department in such form as the department may prescribe from time to time;

(2) Delivers such other information to the department as the department may require concerning the financial responsibility, background, experience, and activities of the applicant, its directors and officers, if a corporation, and its members, if applicable, and of any proposed new directors, officers, or members of the licensee or registrant; and

(3) Pays such application fee as the department may prescribe.

(b) Upon the filing and investigation of an application, the department shall permit the applicant to acquire the interest in the mortgage broker or mortgage lender licensee or registrant if it finds that the applicant and its members, if applicable, its directors and officers, if a corporation, and any proposed new directors and officers have the financial responsibility, character, reputation, experience, and general fitness to warrant belief that the business will be operated efficiently and fairly, in the public interest, and in accordance with law. The department shall grant or deny the application within 60 days from the date a completed application accompanied by the required fee is filed unless the period is extended by order of the department reciting the reasons for the extension. If the application is denied, the department shall notify the applicant of the denial and the reasons for the denial.

(c) The provisions of this Code section shall not apply to:

(1) The acquisition of an interest in a licensee or registrant directly or indirectly, including an acquisition by merger or consolidation by or with a person licensed or registered by this article or a person exempt from this article under Code Section 7-1-1001;

(2) The acquisition of an interest in a mortgage broker or mortgage lender licensee or registrant directly or indirectly, including an acquisition by merger or consolidation by or with a person affiliated through common ownership with the licensee or registrant; or

(3) The acquisition of an interest in a mortgage broker or mortgage lender licensee or registrant by a person by bequest, descent, or survivorship or by operation of law.

The person acquiring an interest in a mortgage broker or mortgage lender licensee or registrant in a transaction which is exempt from filing an application by this subsection shall send written notice to the department of such acquisition within 30 days of the closing of such transaction."

SECTION 17.

Said chapter is further amended by revising subsection (h) of Code Section 7-1-1017, relating to the suspension or revocation of licenses and registrations by the department, as follows:

"(h) Whenever the department initiates an administrative action against a current licensee or an applicant, the department may pursue that action to its conclusion despite the fact that a licensee may withdraw its license or fail to renew it or an applicant may withdraw its application."

SECTION 18.

Said chapter is further amended by revising subsection (c) of Code Section 7-1-1018, relating to cease and desist orders, as follows:

"(c) Any person who violates the terms of any order issued pursuant to this Code section shall be liable for a civil penalty not to exceed $1,000.00 per violation per day unless otherwise agreed to by the department. Each day during which the violation continues shall constitute a separate offense. In determining the amount of penalty, the department shall take into account the appropriateness of the penalty relative to the size of the financial resources of such person, the good faith efforts of such person to comply with the order, the gravity of the violation, the history of previous violations by such person, and such other factors or circumstances as shall have contributed to the violation. The department may at its discretion compromise, modify, or refund any penalty which is subject to imposition or has been imposed pursuant to this Code section. Any person assessed as provided in this subsection shall have the right to request a hearing into the matter within ten days after notification of the assessment has been served upon the person involved; otherwise, such penalty shall be final except as to judicial review as provided in Code Section 7-1-90."

SECTION 19.

All laws and parts of laws in conflict with this Act are repealed.