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GA SB493
Bill
Status
Passed
5/2/2022
Primary Sponsor
Jeff Mullis
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AI Summary
- Owners' associations are authorized to foreclose liens on time-share estates through nonjudicial power of sale to recover unpaid assessments and other charges, as an alternative to existing judicial foreclosure under Code Section 44-3-109
- 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, and written notice must also be 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
- Sale proceeds are distributed first according to existing lien priorities, then to unpaid assessments and charges, then to the association's expenses including attorneys' fees, with any remainder paid to the owner; the association may bid at the sale
- The owners' association is constituted as the irrevocable attorney-in-fact of the time-share owner for purposes of executing the sale and conveying fee simple title to the purchaser, with the power coupled with an interest and not revocable by death or otherwise
Legislative Description
Time-Share Projects and Programs; nonjudicial foreclosure of time-share estates; authorize
Last Action
Effective Date 2022-05-02
5/2/2022
Committee Referrals
Judiciary3/8/2022
Judiciary2/11/2022
Full Bill Text
No bill text available