Loading chat...
GA SB365
Bill
Status
Passed
5/2/2012
Primary Sponsor
Bill Hamrick
Click for details
AI Summary
- Expands the definition of unauthorized practice of law in Georgia to explicitly include preparing or facilitating deeds of conveyance, supervising real estate closings, and collecting and disbursing funds for real estate transactions by non-attorneys
- Creates a new civil cause of action (Code Section 15-19-59) allowing any person damaged by unauthorized practice of law to recover actual damages and reasonable attorney's fees
- Redefines "settlement agent" to mean only a lender or an active member of the State Bar of Georgia, replacing the broader prior definition that included any individual, corporation, partnership, or other entity
- Expands applicability of settlement proceeds disbursement rules to cover all refinance loans (not just those refinancing purchase money loans) secured by property in Georgia with up to four residential dwelling units
- Sets damages for violations of the settlement disbursement statute at actual damages plus reasonable attorney's fees, plus a penalty of $1,000 or double the first 60 days' interest on the loan (whichever is greater), payable to any party suffering a loss
Legislative Description
Property; collected funds; change prov.; residential real property; provide form Acknowledgment and Waiver of Borrower's Rights
Last Action
Effective Date
7/1/2012
Committee Referrals
Judiciary2/29/2012
Judiciary2/1/2012
Full Bill Text
No bill text available