06 LC 18
5163
House
Bill 1273
By:
Representatives O`Neal of the
146th,
Talton of the
145th,
and Morris of the
155th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 2 of Chapter 7 of Title 44 of the Official Code of Georgia
Annotated, relating to security deposits, so as to change certain provisions
regarding placement of security deposits in escrow accounts; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
2 of Chapter 7 of Title 44 of the Official Code of Georgia Annotated, relating
to security deposits, is amended by striking Code Section 44-7-31, relating to
placement of security deposits in escrow accounts, and inserting in its place a
new Code Section 44-7-31 to read as follows:
∀44-7-31.
Except
as provided in Code Section 44-7-32, whenever a security deposit is held by a
landlord or
his
such
landlord́s
agent on behalf of a tenant, such security deposit shall be deposited in an
escrow account established only for that purpose in any bank or lending
institution subject to regulation by this state or any agency of the United
States government. The security deposit shall be held in trust for the tenant by
the landlord or
his
such
landlord́s
agent except as provided in Code Section 44-7-34. Tenants shall be informed in
writing of the location
and account
number of the escrow account required by
this Code
section.∀
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.