March 14, 2008  

Speaker's GREAT Plan Revived and Passes House
Speaker of the House of Representatives, Speaker of the House Glenn Richardson revived a portion of his tax relief plan and the House passed it overwhelmingly.  The Speaker's plan now calls for a constitutional amendment that would remove the ad valorem tax on automobiles over a two-year period.  Local government opposition was averted when the Speaker removed the cap on local government spending from his plan, but retained provisions limiting the growth in assessments.  The Speaker has also been forceful in his support for finding a way to pay for a new trauma care network.  His other bill that would   add a $10 fee on automobile tags was also passed by the House.  The Speaker has been untiring in his efforts to find a way to reduce ad valorem tax burdens, and his office is saying this tax decrease will be the largest ever in Georgia.  The legislation how goes to the Senate for consideration.  If approved and signed by the Governor, the constitutional amendment will be on the November ballot.

Senate Passes Two Foreclosure Bills/Several Others Receive No Action
The Georgia State Senate this week passed two bills that would change the foreclosure process.  Chairman Bill Hamrick (R-Carrollton) was the principal author of both bills. S.B. 519, is intended to make the notice contemporaneously with the advertisements, but gives lenders the option of sending the notice up to 30 days prior to the advertisements beginning.  The other bill which passed is S.B. 531.  This bill requires an advertisement of foreclosure to include the name of the security holder as well as the name and contact information for the   servicer.   Language in the bill also prevents foreclosures unless loan assignments had been recorded in the deed records which we understand is not current industry practice.  We will continue to monitor this legislation to ensure it is workable. Several other foreclosure bills we have reported on in previous editions did not receive further action before crossover day.

Lottery Annuity Assignment Passes

   Mortgage Satisfaction Bill Passes

Representative Allen Freeman We have been monitoring legislation, H.B. 515 by Rep. Allen Freeman (R-Macon) and others that allows an individual, upon approval by the Superior Court, to assign winnings from a lottery annuity.  The bill clarifies the procedures under which assignments may be entered into and defines various terms.  We occasionally get questions from our members who are helping customers consider various options, and this legislation will be of help.

  

The House has passed legislation sponsored at GBA's request by Judiciary Committee Chairman Wendell Willard (R-Sandy Springs) dealing with mortgage satisfactions.  The bill, H.B. 1093, clarifies the notification provisions for liquidated damages resulting from the failure to cancel a security deed within the current 60 day period.  The bill addresses the underlying problems we are resolving which have resulted in nine class action law suits. 

Contact GBA Staff Lobbyists With Questions

GBA's three lobbyists will be onsite at the Capitol all session to be available to legislators and staff as questions arise about the various bills that may affect the banking industry.  If you have questions about any legislation pending, please call on these professionals for their help.  Also, GBA's State Issues Page of our website will be updated daily during the session.

  

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