February 17, 2012
Back to this week's e-Bulletin
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General Assembly
Passes Halfway Point of 2012 Session The Georgia General Assembly meets each year for 40 legislative days, and Thursday of this week was day 20. The Legislature was in session for three days and action on bills of interest to the banking industry was mostly in committees. A House Judiciary subcommittee reported H.B. 419 by Rep. Billy Mitchell (D-Stone Mountain) that allows a default to be cured within five days of a foreclosure sale. Another House Judiciary subcommittee reported out S.B. 117 by Sen. Jesse Stone (R-Waynesboro) that slightly raises state bankruptcy exemptions. The Senate Judiciary Committee reported out H.B. 237, legislation introduced by Rep. Rich Golick (R-Marietta) on behalf of Attorney General Sam Olens, that incorporates foreclosure fraud into the general laws dealing with mortgage fraud. However, the bill reported out of committee does not include subpoena powers for the Attorney General or District Attorneys. The full Senate passed S.B. 331 by Sen. David Shafer (R-Duluth), which would create a new type of instrument title that insurance companies may issue to indemnify a buyer, lender, or seller in certain transactions. As further action is scheduled on these and other bills of interest, we’ll let you know. The Legislature is slated to be in session Tuesday through Friday of next week when they will conclude Legislative Day 25.
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New
Bills Added this Week to Our Tracking List We saw several bills introduced this week that we've added to our tracking list. Obviously not all bills introduced will pass, but as decisions are made at the committee level on the fate of these bills, we'll let you know. Recovery limits by successor creditors. Sen. Don Balfour, (R-Snellville) introduced S.B. 448, which would limit the amount an acquirer of a loan or other debt obligation can recover from guarantors of the obligation to the lesser of either the amount the acquirer paid to buy the debt obligation, plus the original interest and rate, or the maximum permitted under the guaranty, as opposed to the original amount borrowed. Foreclosure, fair market value of real estate. Rep. Matt Ramsey (R-Peachtree City) introduced H.B. 1047, which would require a showing of a property's fair market value in order to obtain judgment on a deed or mortgage prior to foreclosure. Such fair market value would be required to be used as the opening bid in a foreclosure sale. Foreclosure, deed filing requirement. Rep. Tommy Benton (R-Jefferson) introduced H.B. 1042 to reduce from 90 days to 45 days the required time in which a deed must be filed after a foreclosure sale. It also provides a private right of action to a grantee upon the failure of a new deed holder to comply. Medical information and ID fraud. Sen. Judson Hill, (R-Marietta) introduced S.B. 431 to add personal healthcare records to the types of personal information covered by identity theft and fraud protections. Homeowners associations. Rep. Karla Drenner (D-Avondale Estates) introduced H.B. 961 that would prohibit homeowners associations from preventing homeowners from installing solar panels.
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GBA at the Capitol Stay tuned and follow our updates on the GBA’s State Issues Page on our website as it’s updated daily. If you Tweet – follow us on Twitter – we’ll be Tweeting significant events as they occur. GBA is well-represented again this year at the Capitol with Elizabeth Chandler, GBA’s Senior Vice President of Government Relations, coordinating our lobbying efforts. With questions about the session, bills of interest or anything related to the process, just give her a call at 404.420.2027. |
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50 Hurt Plaza, Suite 1050 | Atlanta, Georgia 30303 | 404.522.1501 |