Bill
Bill > SB90
summary
Introduced
02/02/2023
02/02/2023
In Committee
03/14/2023
03/14/2023
Crossed Over
02/22/2023
02/22/2023
Passed
04/05/2023
04/05/2023
Dead
Signed/Enacted/Adopted
05/01/2023
05/01/2023
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT To amend Title 10 of the Official Code of Georgia Annotated, relating to commerce and trade, so as to add an example of an unfair or deceptive practice regarding brokerage engagements and options to enter into brokerage engagements to the "Fair Business Practices Act"; to provide for commercial financing disclosures; to require certain persons who provide commercial financing transactions to make certain disclosures; to provide for penalties; to provide for applicability; to provide for requirements and restrictions on certain unsolicited written inquiries or mailings expressing an interest in buying real property; to revise provisions regarding the duration of relationships between brokers and clients; to provide for limitations on brokerage engagements and options to enter into brokerage engagements; to provide for construction; to provide for definitions; to amend Code Section 46-5-27 of the Official Code of Georgia Annotated, relating to telephone solicitations to residential, mobile, or wireless subscribers, Public Service Commission to establish and maintain list of certain subscribers, authorization for imposition of administrative fees, confidential nature of data base, and required identification, so as to revise a definition; to provide for an effective date; to provide for related matters; to repeal conflicting laws; and for other purposes.
AI Summary
This bill makes the following key changes:
1. It adds an example of an unfair or deceptive practice to the "Fair Business Practices Act" - the failure to comply with new provisions regarding brokerage engagements and options to enter into brokerage engagements.
2. It creates new disclosure requirements for "commercial financing transactions" (e.g. business loans, accounts receivable purchase transactions) to provide more transparency for businesses. Certain types of commercial financing are exempted from these requirements.
3. It prohibits brokers from assessing advance fees and makes certain other restrictions on broker practices.
4. It adds definitions related to "options to enter into brokerage engagements" and places limits on the terms of brokerage engagements and options.
5. It revises the definition of "telephone solicitation" to exclude communications by certain licensed or regulated professionals, including those in the real estate industry.
The bill is intended to provide more protections and transparency for businesses engaged in commercial financing and real estate brokerage transactions in Georgia.
Committee Categories
Business and Industry
Sponsors (6)
John Albers (R)*,
Clint Dixon (R)*,
Steve Gooch (R)*,
John Kennedy (R)*,
Shawn Still (R)*,
Clint Crowe (R),
Last Action
Effective Date 2024-01-01 (on 05/01/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/64004 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/219440 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/217809 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/215610 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/214146 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/213656 |
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