Bill Text: GA HB419 | 2011-2012 | Regular Session | Comm Sub
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Foreclosure; time of delivery of notice of proceedings; change
Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: (Engrossed - Dead) 2012-03-22 - Senate Read Second Time [HB419 Detail]
Download: Georgia-2011-HB419-Comm_Sub.html
Bill Title: Foreclosure; time of delivery of notice of proceedings; change
Spectrum: Slight Partisan Bill (Democrat 4-2)
Status: (Engrossed - Dead) 2012-03-22 - Senate Read Second Time [HB419 Detail]
Download: Georgia-2011-HB419-Comm_Sub.html
12 LC 29
5152S
The
House Committee on Judiciary offers the following substitute to HB
419:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Part 1 of Article 7 of Chapter 14 of Title 44 of the Official Code of
Georgia Annotated, relating to foreclosure in general, so as to provide, under
certain circumstances, for an opportunity, prior to foreclosure, for a debtor to
cure a foreclosure and bring the debt current by making all past due payments
along with any late fees and charges; to provide for a method of payment; to
provide for a limitation; to provide for related matters; to provide for an
effective date and applicability; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Part
1 of Article 7 of Chapter 14 of Title 44 of the Official Code of Georgia
Annotated, relating to foreclosure in general, is amended by adding a new Code
section to read as follows:
"44-14-162.5.
(a)
As used in this Code section, the term 'security instrument' means a mortgage,
security deed, or lien contract.
(b)
This Code section shall apply to the exercise of a power of sale of
property:
(1)
All or part of which is presently used as a dwelling place by the debtor;
and
(2)
In which the debtor occupying such property is an original borrower who entered
into the security instrument.
(c)
If the debtor and the property meet the conditions of subsection (b) of this
Code section, then such debtor shall have the right to have enforcement of the
power of sale discontinued at any time up to five calendar days before sale of
the property, provided that such debtor:
(1)
Pays in good funds to the creditor or to the creditor's attorney all sums which
then would be due under the security instrument if no acceleration had occurred
no later than five calendar days before sale of the property;
(2)
Cures any default of any other terms of the security instrument;
and
(3)
Pays all fees and expenses specified as collectable under the security
instrument prior to acceleration.
(d)
The creditor may require that the debtor pay such reinstatement sums and
expenses in one or more of the following forms, as selected by the
creditor:
(1)
Cash;
(2)
Money order;
(3)
Electronic funds transfer; or
(4)
Certified check, bank check, treasurer's check, or cashier's check, provided
that:
(A)
Any such check is drawn upon an institution whose deposits are insured by a
federal agency, instrumentality, or entity; and
(B)
Any such check is made payable to the creditor or to the creditor's
attorney.
(e)
Upon reinstatement of the debtor under the provisions of this Code section, the
creditor's interest in the property and rights under the security instrument,
and the debtor's obligation to pay the sums secured by the security instrument,
shall remain fully effective as if no acceleration had occurred.
(f)
The requirements of this Code section shall not be waivable by contract or
otherwise.
(g)
This Code section shall not apply to any obligation after the maturity date of
such obligation."
SECTION
2.
This
Act shall become effective on July 1, 2012, and shall apply to security
instruments executed on or after July 1, 2012.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.