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GA SB541
Bill
Status
Introduced
2/20/2024
Primary Sponsor
Nikki Merritt
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AI Summary
- State-chartered banks must report every 24 months to the Department of Banking and Finance on loans made for the creation, acquisition, or rehabilitation of housing units, including loan amounts, recipients, and number of units; the department must make public summaries of this data
- Misrepresenting the condition, standards, or state of repair of rental dwelling property is designated as an unfair trade practice, and lawsuits for such violations may be brought in a representative capacity (class action), unlike other consumer protection claims
- Foreclosure sales under power of sale and ad valorem tax foreclosure sales must offer each property for bidding separately, prohibiting the bundling of multiple properties into a single sale unless the deed of trust or mortgage requires otherwise
- Corporations filing annual registrations with the Secretary of State must disclose any real property owned in whole or in part by the corporation and the addresses of such properties
- Taxpayers claiming low-income housing tax credits must disclose to the state housing credit agency all real property they own, and the agency must prepare and publish annual public summaries of that information; additionally, the exemption allowing out-of-state investment advisers to avoid registration based on having five or fewer Georgia clients is eliminated
Legislative Description
Department of Banking and Finance; financial Institutions; separate bidding for certain ad valorem tax foreclosure sales; provide
Last Action
Senate Read and Referred
2/21/2024
Committee Referrals
Judiciary2/21/2024
Full Bill Text
No bill text available