07 LC 34
0923
House
Bill 562
By:
Representatives Dollar of the
45th,
Cheokas of the
134th,
and Roberts of the
154th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 7-6A-2 of the Official Code of Georgia Annotated, containing
definitions relative to fair lending, so as to add a definition for temporary
loan; to provide for related matters; to provide an effective date; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 7-6A-2 of the Official Code of Georgia Annotated, containing definitions
relative to fair lending, is amended by adding a new paragraph (19) as
follows:
"(19)
'Temporary loan' means a loan not more than 35 months in length where the intent
of the loan is interim or short term in nature. A temporary loan may be made
for the purpose of facilitating or securing a permanent mortgage within 35
months in connection with the purchase of a home."
SECTION
2.
This
Act shall become effective on July 1, 2007.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.