Bill Text: GA HB323 | 2011-2012 | Regular Session | Introduced
Bill Title: Motor vehicle; time of perfection of security interest; change
Spectrum: Partisan Bill (Republican 6-0)
Status: (Passed) 2011-07-01 - Effective Date [HB323 Detail]
Download: Georgia-2011-HB323-Introduced.html
11 LC
34 2926/AP
House
Bill 323 (AS PASSED HOUSE AND SENATE)
By:
Representatives Harden of the
28th,
Allison of the
8th,
Battles of the
15th,
Rice of the
51st,
and Austin of the
10th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 40-3-50 of the Official Code of Georgia Annotated, relating
to perfection of a security interest in a motor vehicle, so as to change the
time of perfection of a security interest; to provide for related matters; to
provide for an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 40-3-50 of the Official Code of Georgia Annotated, relating to
perfection of a security interest in a motor vehicle, is amended by revising
paragraph (2) of subsection (b) as follows:
"(2)
The security interest is perfected as of the time of its creation if the initial
delivery of the application or notice to the commissioner or local tag agent is
completed within
20
30
days thereafter, regardless of any subsequent rejection of the application or
notice for errors; otherwise, as of the date of the delivery to the commissioner
or local tag agent. The local tag agent shall issue a receipt or other evidence
of the date of filing of such application or notice. When the security interest
is perfected as provided for in this subsection, it shall constitute notice to
everybody of the security interest of the holder."
SECTION
2.
This
Act shall become effective on July 1, 2011.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.