08 LC 34
1699
Senate
Bill 519
By:
Senators Hamrick of the 30th, Orrock of the 36th, Reed of the 35th and Shafer of
the 48th
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 revised as follows:
"44-14-162.2.
(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 days
before the date of the proposed
foreclosure
two weeks
prior to the publication of the advertisement required under Code Section
44-14-162. 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.
(b)
The notice required by subsection (a) of this Code section shall be given by
mailing or delivering to the debtor a copy of the published legal advertisement
or a copy of the notice of sale submitted to the publisher.
(c)
The provisions of this subsection shall preempt the provisions of subsections
(a) and (b) of this Code section and shall only apply to foreclosures on
loans with a prepayment penalty 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December 31, 2010, after which date this subsection shall be repealed.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.