Bill > SB361

This bill amends Georgia law regarding property owners' associations (POAs) by introducing several key changes. First, it increases the minimum lien amount from $2,000 to $4,000 and requires POAs to obtain written authorization from the Secretary of State before foreclosing on a lien, while also prohibiting associations from applying assessments to foreclosure costs. The bill also establishes new registration requirements for POAs, mandating that they file initial and annual registrations with the Secretary of State, including details such as association name, bylaws, officers, lot list, and number of lot owners. Additionally, the legislation requires the Secretary of State to develop administrative hearing procedures by January 1, 2026, for resolving disputes between associations and property owners, with a provision that the losing party will reimburse the filing fee. Furthermore, the Department of Banking and Finance must create regulations for escrowing association funds by the same date. These changes aim to increase transparency, protect property owners, and provide more structured oversight of property owners' associations in Georgia.

https://www.legis.ga.gov/legislation/71712