08 LC 34
1757S
The
Senate Banking and Financial Institutions Committee offered the following
substitute to SB 519:
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 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
30 days and no
sooner than 60 days prior to 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.
(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
to
be submitted to the
publisher."
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laws and parts of laws in conflict with this Act are repealed.