HB1364: HB1364 Property; nonjudicial foreclosures on time-share estates; provisions

26 LC 49 2592 House Bill 1364 By: Representatives Leverett of the 123rd, Scoggins of the 14th, Kelley of the 16th, Momtahan of the 17th, and Gambill of the 15th A BILL TO BE ENTITLED AN ACT To amend Part 7 of Article 5 of Chapter 3 of Title 44 of the Of ficial Code of Georgia1 Annotated, relating to miscellaneous provisions relative to time-share projects and programs,2 so as to repeal provisions for nonjudicial foreclosures on time -share estates, subject to3 exceptions for time-share estates created during certain time periods; to provide for related4 matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Part 7 of Article 5 of Chapter 3 of Title 44 of the Official Co de of Georgia Annotated,8 relating to miscellaneous provisions relative to time-share projects and programs, is amended9 by adding new subsections to Code Section 44-3-206, relating to foreclosure by owners'10 associations, procedure, and effect of sale, to read as follows:11 "(e) The provisions of subsections (a) through (d) of this Code Section shall not apply to12 time-share estates created before July 1, 2023, and after June 30, 2026.13 (f) Effective July 1, 2026, an owners' association may foreclose its lien upon a time-share14 estate created or amended on and after July 1, 2023, in accordance with subsection (c) of15 H. B. 1364 - 1 - 26 LC 49 2592 Code Section 44-3-109 for the purpose of paying any or all unpaid assessments and other16 charges owed by the owner of such time-share estate."17 SECTION 2.18 Said part is further amended by adding new subsections to Code Section 44-3-207, relating19 to time-share estates, trustee foreclosures, and requirements, to read as follows:20 "(f) The provisions of subsections (a) through (e) of this Code Section shall not apply to21 time-share estates created before July 1, 2023, and after June 30, 2026.22 (g) Notwithstanding any provision of this Code section or Code Section 44-3-206 to the23 contrary, a mortgagee may foreclose its mortgage upon a time-share estate in accordance24 with Part 2 of Article 7 of Chapter 14 of this title in order to sell a time-share estate for the25 purpose of satisfying any obligation of the owner of such time-share estate created by such26 mortgage."27 SECTION 3.28 This Act shall become effective on July 1, 2026.29 SECTION 4.30 All laws and parts of laws in conflict with this Act are repealed.31 H. B. 1364 - 2 -