ATLANTA (February 9, 2012) – The Georgia Senate today passed SB 333, which requires a notice of sale be sent to the borrower before a foreclosure sale can occur. The bill passed with a vote of 48-0 and was sponsored by Sen. Jesse Stone (R-Waynesboro).
“As a lawmaker, I took action to close the loophole in the Georgia Code that allowed nonresidential, foreclosed properties to be sold without notifying the borrower,” said Sen. Stone. “I’m pleased with the support from my colleagues for this bill, and I hope it is positively received in the House as it travels through the rest of the legislative process.”
When enacted, SB 333 will mandate all debtor’s properties be treated the same in regards to notification of sale. Under current laws, advanced notice is given to borrowers to inform them of the date of sale on foreclosed residential property. Lenders are not required to give any notification other than advertising in the local newspaper if selling nonresidential, foreclosed properties. SB 333 ensures that borrowers are given the same notification courtesies pertaining to their nonresidential, foreclosed properties. Benefactors of this bill include borrowers such as farmers and small business owners who now will have more opportunity to protect their property.
SB 333 now moves to the Georgia House of Representatives for consideration and vote.
RELEASE
For Immediate Release:
February 9, 2012
Contact:
Natalie Dale, Director
Kate Greer, Broadcast Specialist
Kate.greer@senate.ga.gov
404.656.0028