Loading chat...

GA SB448

Bill

Official Source

Status

Engrossed

2/27/2012

Primary Sponsor

Don Balfour

Click for details

Origin

Senate

2011-2012 Regular Session

AI Summary

  • Enacts the "Small Business Borrower Protection Act" as a new Article 5 under Chapter 2 of Title 18 of the Official Code of Georgia, governing debtor and creditor relations
  • Limits a successor creditor's recovery against any guarantor to the lesser of: (1) the actual amount paid for the debt obligation plus interest at the nondefault rate from the date of purchase, or (2) the maximum amount permitted under the guaranty
  • Defines "successor creditor" as any person who did not enter into the original debt obligation and acquired it through assignment, sale, transfer, or other means
  • Requires successor creditors to prove the actual amount they paid for the debt obligation in any collection action
  • Exempts institutions with federally insured deposits and their affiliates from the provisions of the act

Legislative Description

'Small Business Borrower Protection Act'; enact; provide recovery limits for debt obligations by successor creditors

Last Action

House Committee Favorably Reported

3/26/2012

Committee Referrals

Banks and Banking2/28/2012
Banking and Financial Institutions2/16/2012

Full Bill Text

No bill text available