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GA HB1088
Bill
Status
Passed
5/2/2022
Primary Sponsor
Stan Gunter
Click for details
AI Summary
- Owners' associations are authorized to foreclose on time-share estates through nonjudicial power of sale to collect unpaid assessments and other charges, as an alternative to existing judicial foreclosure procedures
- Written notice of sale must be sent to the owner by registered/certified mail or statutory overnight delivery at least 30 days before the proposed sale, with written notice also provided to any lien holders
- The sale must be advertised once a week for four consecutive calendar weeks in the county's sheriff's advertisement newspaper and must occur on a legal sale day at the legal place of sale in the county where the development is located
- A completed sale divests the owner of all right, title, and interest, vesting fee simple title in the purchaser; sale proceeds are distributed first according to statutory lien priorities, then to unpaid assessments, then to association expenses including attorneys' fees, with any remainder paid to the owner
- The owners' association is constituted as the irrevocable attorney-in-fact of the time-share owner for purposes of executing the power of sale and conveying title to the purchaser
Legislative Description
Property; nonjudicial foreclosure of time-share estates; authorize
Last Action
Effective Date 2022-05-02
5/2/2022
Committee Referrals
Judiciary2/28/2022
Judiciary2/1/2022
Full Bill Text
No bill text available