hb40_LC_35_1125_pf_2.html
LC 35 1125

A BILL TO BE ENTITLED
AN ACT

To amend Code Section 44-14-160 of the Official Code of Georgia Annotated, relating to the recording of foreclosures and deeds under power and notations of sale in the records, so as to provide for the timely filing of a deed following the foreclosure; to provide for civil penalties for the failure to timely file such deed; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.
Code Section 44-14-160 of the Official Code of Georgia Annotated, relating to the recording of foreclosures and deeds under power and notations of sale in the records, is amended as follows:
"44-14-160.
When the holder of a deed to secure debt or a mortgage forecloses the same and sells the real property thereby secured under the laws of this state governing foreclosures and sales under power and the purchaser thereof presents to the clerk of the superior court his or her deed under power to have the same recorded, the clerk shall write in the margin of the page where the deed to secure debt or mortgage foreclosed upon is recorded the word 'foreclosed' and the deed book and page number on which is recorded the deed under power conveying the real property; provided, however, that, in counties where the clerk keeps the records affecting real estate on microfilm, the notation provided for in this Code section shall be made in the same manner in the index or other place where the clerk records transfers and cancellations of deeds to secure debt. A deed under power shall be filed by the purchaser of such real property pursuant to this Code section within 45 days of the purchase. Failure to timely file a deed under power shall subject the deed holder to a civil penalty not to exceed the lesser of $50.00 per day for each day during which the deed is not timely filed or $1,000.00. The penalty provided for herein shall be payable to the clerk of superior court in which the deed under power is recorded."

SECTION 2.
All laws and parts of laws in conflict with this Act are repealed.