Bill Text: GA SB333 | 2011-2012 | Regular Session | Introduced

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Bill Title: Property; notices of sales made on foreclosure under power of sale shall be provided to all debtors

Spectrum: Slight Partisan Bill (Republican 4-2)

Status: (Passed) 2012-07-01 - Effective Date [SB333 Detail]

Download: Georgia-2011-SB333-Introduced.html

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12 SB 333/AP

Senate Bill 333

By: Senators Stone of the 23rd, Miller of the 49th, Ramsey, Sr. of the 43rd, Davis of the 22nd, Jeffares of the 17th and others

AS PASSED

A BILL TO BE ENTITLED
AN ACT

To amend Part 1 of Article 7 of Chapter 14 of Title 44 of the Official Code of Georgia Annotated, relating to general provisions relative to foreclosure, so as to provide that notices of sales made on foreclosure under power of sale shall be provided to all debtors; 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 general provisions relative to foreclosure, is amended by revising Code Section 44-14-162.3, relating to sales made on foreclosure under power of sale and mailing of notices to debtors, as follows:

"44-14-162.3.

(a) The notice requirement of Code Section 44-14-162.2 shall apply only to the exercise of a power of sale of property all or part of which is to be used as a dwelling place by the debtor at the time the mortgage, security deed, or lien contract is entered into.

(b) No waiver or release of the notice requirement of Code Section 44-14-162.2 shall be valid when made in or contemporaneously with the security instrument containing the power of nonjudicial foreclosure sale; but, notwithstanding the requirements of Code Sections 44-14-162.1, 44-14-162.2, this Code section, and Code Section 44-14-162.4, a subsequent quitclaim deed in lieu of foreclosure shall be valid and effective as such."

SECTION 2.

Said part is further amended by revising Code Section 44-14-162.4, relating to sales made on foreclosure under power of sale and mailing of notices to debtors and recitals in deeds as to meeting of notice requirements, as follows:

"44-14-162.4.

All deeds under power shall contain recitals setting forth the giving of notice in compliance with Code Section 44-14-162.2 or a statement of the facts which render the same inapplicable thereto, which facts may include, without limitation, the nonresidential character of the property. The effect of such recitals shall be to protect the validity of the title of any subsequent purchaser in good faith other than the lender."

SECTION 3.

This Act shall become effective on July 1, 2012, and shall apply to sales made on foreclosure under power of sale executed on or after July 1, 2012.

SECTION 4.

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