08 LC 28
4075
House
Bill 1319
By:
Representative Holmes of the
61st
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 change the time
for delivery notice of the initiation of foreclosure proceedings; to provide for
a right to cure foreclosure on the part of the debtor; to provide for related
matters; 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 revising Code
Section 44-14-162.2, relating to the procedure for mailing or delivery of notice
to debtor on sales made on foreclosure under power of sale, as
follows:
"(a)
Notice of the initiation of proceedings to exercise a power of sale in a
mortgage, security deed, or other lien contract shall be given to the debtor by
the secured creditor no later than
15
90
days before the date of the proposed foreclosure. Such notice shall be in
writing and shall be sent by registered or certified mail or statutory overnight
delivery, return receipt requested, to the property address or to such other
address as the debtor may designate by written notice to the secured creditor.
The notice required by this Code section shall be deemed given on the official
postmark day or day on which it is received for delivery by a commercial
delivery firm.
During the
period of time between the giving of notice by the creditor and the exercise of
the power of sale, the debtor shall have the right to cure the foreclosure by
paying the creditor the full amount of the payments that are past due and owing
along with any late fees and charges so as to bring the payments on the
underlying debt current. In the event that the debtor tenders such past due
sums and late fees and charges, the creditor shall not proceed with foreclosure
and shall permit the debtor to resume making payments under the terms of the
contract."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.