08 LC 21
9747
Senate
Bill 465
By:
Senators Jones of the 10th, Adelman of the 42nd, Reed of the 35th, Seay of the
34th, Brown of the 26th and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 44-14-162.2 of the Official Code of Georgia Annotated,
relating to sales made under the power of sale, mailing or delivery of notice to
debtor, and procedure, so as to change the requirement for sending such notice;
to provide for applicability; to provide for repeal; 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 44-14-162.2 of the Official Code of Georgia Annotated, relating to sales
made under the power of sale, mailing or delivery of notice to debtor, and
procedure, is amended by adding a new subsection to read as
follows:
"(c)
The provisions of this subsection shall preempt the provisions of subsections
(a) and (b) of this Code section and shall apply to foreclosures for which
advertising under Code Section 44-14-162 has not begun as of the effective date
of this subsection through December 31, 2010, after which date this subsection
shall be repealed. 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 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 shall clearly
inform the debtor that foreclosure proceedings will be initiated and shall
contain all of the information required for a notice under Code Section
44-14-162 and in addition shall state the amount of the deficiency or other
reason for foreclosure, the balance of the loan, and the telephone number of a
person with authority to negotiate ways to avoid the foreclosure. 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."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.