Bill Text: GA HB245 | 2011-2012 | Regular Session | Introduced

---

Bill Title: Suretyship; surety or cosigner entitled to notice of default by principal; provide

Spectrum: Moderate Partisan Bill (Republican 5-1)

Status: (Introduced - Dead) 2011-02-16 - House Second Readers [HB245 Detail]

Download: Georgia-2011-HB245-Introduced.html

---

11 LC 34 2855

House Bill 245

By: Representatives Kidd of the 141st, Battles of the 15th, Greene of the 149th, Mills of the 25th, Carter of the 175th, and others

A BILL TO BE ENTITLED
AN ACT

To amend Article 1 of Chapter 7 of Title 10 of the Official Code of Georgia Annotated, relating to contract of suretyship, so as to provide that the surety or cosigner of a loan is entitled to notice of a default by the principal; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article 1 of Chapter 7 of Title 10 of the Official Code of Georgia Annotated, relating to contract of suretyship, is amended by adding a new Code section to read as follows:

"10-7-1.1.

Any surety or cosigner on a loan obligation shall be notified at the same time that the principal is notified that he or she is in default on the loan."

SECTION 2.

This Act shall become effective on July 1, 2011.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.