Loading chat...
GA SR1186
Resolution
Status
Introduced
3/10/2014
Primary Sponsor
Renee Unterman
Click for details
AI Summary
- Creates the Senate Study Committee on Foreclosure Reform, composed of four Senate members, four public members appointed by the President Pro Tempore, and the deputy commissioner of banking and finance for nondepository financial institutions
- Directs the committee to examine Georgia's nonjudicial foreclosure process, which allows home mortgage foreclosures without court oversight, and recommend reforms to better protect homeowners from fraud and undue hardship
- Calls for analysis of how Georgia spent its share of the $25 billion national mortgage servicer settlement related to robo-signing allegations, including the $4.25 billion distributed to states
- Addresses concerns about dual tracking, where banks simultaneously pursue foreclosure while negotiating loan modifications or short sales with homeowners, and problems with electronic mortgage transfers occurring without homeowner knowledge or consent
- Requires the committee to publish a report of findings and proposed legislation recommendations by December 1, 2014, at which point the committee stands abolished; members receive no compensation or expense reimbursement
Legislative Description
Foreclosure Reform; create senate study committee
Last Action
Senate Read and Referred
3/11/2014
Full Bill Text
No bill text available