07 LC
38 0211
House
Bill 422
By:
Representative Willard of the
49th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 3 of Title 44 of the Official Code of Georgia Annotated, relating
to regulation of specialized land transactions, so as to provide a minimum
amount for liens; to provide for related matters; to repeal conflicting laws;
and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
3 of Title 44 of the Official Code of Georgia Annotated, relating to regulation
of specialized land transactions, is amended by revising subsection (c) of Code
Section 44-3-109, relating to liens for assessments and foreclosure, as
follows:
"(c)
Not less than 30 days after notice is sent by certified mail or statutory
overnight delivery, return receipt requested, to the unit owner both at the
address of the unit and at any other address or addresses which the unit owner
may have designated to the association in writing, the lien may be foreclosed by
the association by an action, judgment, and foreclosure in the same manner as
other liens for the improvement of real property, subject to superior liens or
encumbrances, but any such court order for judicial foreclosure shall not affect
the rights of holders of superior liens or encumbrances to exercise any rights
or powers afforded to them under their security instruments. The notice
provided for in this subsection shall specify the amount of the assessments then
due and payable together with authorized late charges and the rate of interest
accruing thereon.
No foreclosure
action against a lien arising out of this subsection shall be permitted unless
the amount of the lien is at least
$2,000.00. Unless prohibited by the
condominium instruments, the association shall have the power to bid on the unit
at any foreclosure sale and to acquire, hold, lease, encumber, and convey the
same. The lien for assessments shall lapse and be of no further effect, as to
assessments or installments thereof, together with late charges and interest
applicable thereto, four years after the assessment or installment first became
due and payable."
SECTION
2.
Said
chapter is further amended by revising subsection (c) of Code Section 44-3-232,
relating to liens for assessments and foreclosures, as follows:
"(c)
Not less than 30 days after notice is sent by certified mail or statutory
overnight delivery, return receipt requested, to the lot owner both at the
address of the lot and at any other address or addresses which the lot owner may
have designated to the association in writing, the lien may be foreclosed by the
association by an action, judgment, and court order for foreclosure in the same
manner as other liens for the improvement of real property, subject to superior
liens or encumbrances, but any such court order for judicial foreclosure shall
not affect the rights of holders of superior liens or encumbrances to exercise
any rights or powers afforded to them under their security instruments. The
notice provided for in this subsection shall specify the amount of the
assessments then due and payable together with authorized late charges and the
rate of interest accruing thereon.
No foreclosure
action against a lien arising out of this subsection shall be permitted unless
the amount of the lien is at least
$2,000.00. Unless prohibited by the
instrument, the association shall have the power to bid on the lot at any
foreclosure sale and to acquire, hold, lease, encumber, and convey the same.
The lien for assessments shall lapse and be of no further effect, as to
assessments or installments thereof, together with late charges and interest
applicable thereto, four years after the assessment or installment first became
due and payable."
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.