HB 1438 - Foreclosure Rescue Fraud Prevention Act; enact

Sponsored By

• (1) Thomas,Mable 55th
• (2) Abrams,Stacey 84th
• (3) Beasley-Teague,Sharon 65th
• (4) Mangham,Randal 94th
• (5) Jones,Sheila 44th
• (6) Holmes,Bob 61st

Committees

• HC:B&B
• SC:

Current Status

First Reader Summary

A BILL to be entitled an Act to amend Chapter 14 of Title 44 of the O.C.G.A., relating to mortgages, conveyances to secure debt, and liens, so as to enact the "Foreclosure Rescue Fraud Prevention Act"; to provide for legislative findings and intent; to provide for definitions; to provide that deeds or other conveyances of interests in property purporting to be an absolute conveyance of title but was made a security for the performance of an obligation shall be deemed to be an equitable mortgage; to provide for determinations of whether such deeds or other conveyances are equitable mortgages; to provide that holders of equitable mortgages shall not be authorized to evict a homeowner except through the foreclosure process; to provide for the application of certain state and federal laws to such mortgages; to provide that all foreclosure rescue transactions shall be deemed equitable mortgages; to provide for certain notices and recordations; to provide for related matters; to repeal conflicting laws; and for other purposes.

Status History

Versions

1. LC 28 4210ER/a