08 LC 34
1755S
The
Senate Banking and Financial Institutions Committee offered the following
substitute to SB 465:
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shall be repealed.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 on a high cost home
loan as defined in paragraph (7) of Code Section 7-6A-2 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 all the information required for a notice under subparagraph (C)
of paragraph (13) of Code Section 7-6A-5 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.