HB586: HB586 Revenue and taxation; intangible recording tax; revise notes

25 HB 586/AP House Bill 586 (AS PASSED HOUSE AND SENATE) By: Representatives Williamson of the 112th, Blackmon of the 146th, Williams of the 148th, Hatchett of the 155th, Efstration of the 104th, and others A BILL TO BE ENTITLED AN ACT To amend Article 3 of Chapter 6 of Title 48 of the Official Cod e of Georgia Annotated,1 relating to intangible recording tax, so as to revise the notes for which such tax is imposed;2 to provide for procedures; to revise definitions; to provide fo r related matters; to repeal3 conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Article 3 of Chapter 6 of Title 48 of the Official Code of Geor gia Annotated, relating to7 intangible recording tax, is amended in Code Section 48-6-60, r elating to definitions, by8 revising paragraph (3) and by repealing paragraph (4) as follows:9 "(3) 'Long-term note secured by real estate' means any note representing credits secured10 by real estate by means of mortgages, deeds to secure debt, pur chase money deeds to11 secure debt, bonds for title, or any other form of security instrument, when any part of the12 principal of the note falls due more than three years 62 months from the date of the note13 or from the date of any instrument executed to secure the note and conveying or creating14 a lien or encumbrance on real estate for such purpose."15 H. B. 586 - 1 - 25 HB 586/AP SECTION 2.16 Said article is further amended by revising Code Section 48-6-66, relating to showing correct17 amount and due date on instruments conveying, encumbering, or c reating a lien upon real18 estate, as follows:19 "48-6-66.20 Every instrument conveying, encumbering, or creating a lien upon real estate shall set forth21 in words and figures the correct amount of the note secured by the instrument and the date22 upon which the note falls due. When the note falls due within three years 62 months from23 the date of the note or from the date of any instrument execute d to secure the note, a24 statement of that fact in lieu of specifying the date upon which the note falls due may be25 made in the security instrument and shall constitute sufficient compliance with this Code26 section. The inclusion in the instrument of a provision that the instrument secures all other27 indebtedness then existing or thereafter incurred shall not req uire the setting forth in the28 instrument of existing indebtedness for loans not made on the security of the instrument."29 SECTION 3.30 Said article is further amended by revising Code Section 48-6-68, relating to bond for title31 in absence of security deed and recording and tax, as follows:32 "48-6-68.33 Any seller of real estate who retains title to the real estate as security for the purchase price34 and who does not convey title to the purchaser or take back a d eed to secure debt shall35 execute and deliver to the purchaser a bond for title which sha ll correctly set forth the36 unpaid portion of the purchase price and the maturity of the indebtedness. If any part of37 the purchase price falls due more than three years 62 months from the date of the38 instrument, the seller shall have the instrument recorded befor e delivery of the bond for39 title in the county where the land is located and shall pay the tax required by this article for40 the recording of the instrument."41 H. B. 586 - 2 - 25 HB 586/AP SECTION 4.42 All laws and parts of laws in conflict with this Act are repealed.43 H. B. 586 - 3 -