LC 35 1580
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Part 1 of Article 7 of Chapter 14 of Title 44 of the Official Code of
Georgia Annotated, relating to foreclosure in general, so as to change the time
for the delivery of a notice of the initiation of foreclosure proceedings; to
provide for an opportunity, prior to foreclosure, for a debtor to cure a
foreclosure and bring the debt current by making all past due payments along
with any late fees and charges; to provide for related matters; to repeal
conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Part
1 of Article 7 of Chapter 14 of Title 44 of the Official Code of Georgia
Annotated, relating to foreclosure in general, is amended by revising Code
Section 44-14-162.2, relating to sales made on foreclosures under the power of
sale, mailing or delivery of notice to debtor, and procedure, 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
30
90
days before the date of the proposed foreclosure. Such notice shall be in
writing, shall include the name, address, and telephone number of the individual
or entity who shall have full authority to negotiate, amend, and modify all
terms of the mortgage with the debtor, 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. Nothing in this subsection shall be
construed to require a secured creditor to negotiate, amend, or modify the terms
of a mortgage
instrument;
provided, however, that during the 90 day notice period, the debtor shall have
the right to cure the foreclosure by paying the creditor the full amount of past
due payments along with any late fees and charges so as to bring the debt
current. In the event that the debtor tenders such past due sums and late fees
and charges, the creditor shall not proceed with foreclosure and shall permit
the debtor to resume making payments under the terms of the
contract.
(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 notice of sale to be submitted
to the publisher."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.