08 LC 33
2521
Senate
Bill 531
By:
Senators Hamrick of the 30th, Orrock of the 36th, Brown of the 26th, Chance of
the 16th, Thompson of the 5th and others
AS
PASSED SENATE
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 7 of Chapter 14 of Title 44 of the Official Code of Georgia
Annotated, relating to foreclosure on mortgages, conveyances to secure debt, and
liens, so as to require a foreclosure to be conducted by the current owner or
holder of the mortgage, as reflected by public records; to provide for the
identity of the secured creditor to be included in the advertisement and in
court records; to provide for related matters; to repeal conflicting laws; and
for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
7 of Chapter 14 of Title 44 of the Official Code of Georgia Annotated, relating
to foreclosure on mortgages, conveyances to secure debt, and liens, is amended
by revising Code Section 44-14-162, relating to manner of advertisement and
conduct necessary for validity for sales made on foreclosures under power of
sale, as follows:
"44-14-162.
(a)
No sale of real estate under powers contained in mortgages, deeds, or other lien
contracts shall be valid unless the sale shall be advertised and conducted at
the time and place and in the usual manner of the sheriff´s sales in the
county in which such real estate or a part thereof is located and unless notice
of the sale shall have been given as required by Code Section 44-14-162.2. If
the advertisement contains the street address, city, and ZIP Code of the
property, such information shall be clearly set out in bold type. In addition to
any other matter required to be included in the advertisement of the sale, if
the property encumbered by the mortgage, security deed, or lien contract has
been transferred or conveyed by the original debtor to a new owner and an
assumption by the new owner of the debt secured by said mortgage, security deed,
or lien contract has been approved in writing by the secured creditor, then the
advertisement should also include a recital of the fact of such transfer or
conveyance and the name of the new owner, as long as information regarding any
such assumption is readily discernable by the foreclosing creditor. Failure to
include such a recital in the advertisement, however, shall not invalidate an
otherwise valid foreclosure sale.
(b)
The advertisement required by subsection (a) of this Code section shall include
the identity of the secured creditor as described in subsection (c) of this Code
section, an address for such secured creditor, and, if applicable, the name,
address, and telephone number of the party having authority to service the
underlying debt.
(c)
No sale of real estate under powers contained in mortgages, deeds, or other lien
contracts shall be valid unless conducted in the name of the individual or
entity that is the legal holder of the rights of the secured creditor at the
time of the sale. The identity of such secured creditor must be evidenced, at
the time of the sale, by the records of the clerk of the superior court of the
county in which the real property is located. If such mortgage, deed, or other
lien contract has been assigned prior to the foreclosure sale, all such
assignments, including but not limited to the assignment to the secured creditor
conducting the foreclosure, must be recorded in the office of the clerk of the
superior court of the county in which the real property is
located."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.