Georgia 2025-2026 Regular Session

Georgia House Bill HB586 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	25 HB 586/AP
2		-	House Bill 586 (AS PASSED HOUSE AND SENATE)
3		-	By: Representatives Williamson of the 112
4		-	th
5		-	, Blackmon of the 146
6		-	th
7		-	, Williams of the 148
8		-	th
9		-	,
10		-	Hatchett of the 155
11		-	th
12		-	, Efstration of the 104
13		-	th
14		-	, and others
	1	+	25 LC 50 1230S
	2	+	The Senate Committee on Finance offered the following
	3	+	substitute to HB 586:
15	4		A BILL TO BE ENTITLED
16	5		AN ACT
17		-	To amend Article 3 of Chapter 6 of Title 48 of the Official Code of Georgia Annotated,
18		-	1
	6	+	To amend Article 3 of Chapter 6 of Title 48 of the Official Code of Georgia Annotated,1
19	7		relating to intangible recording tax, so as to revise the notes for which such tax is imposed;2
20	8		to provide for procedures; to revise definitions; to provide for related matters; to repeal3
21	9		conflicting laws; and for other purposes.4
22	10		BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5
23	11		SECTION 1.6
24	12		Article 3 of Chapter 6 of Title 48 of the Official Code of Georgia Annotated, relating to7
25	13		intangible recording tax, is amended in Code Section 48-6-60, relating to definitions, by8
26	14		revising paragraph (3) and by repealing paragraph (4) as follows:9
27	15		"(3) 'Long-term note secured by real estate' means any note representing credits secured10
28	16		by real estate by means of mortgages, deeds to secure debt, purchase money deeds to11
29	17		secure debt, bonds for title, or any other form of security instrument, when any part of the12
30		-	principal of the note falls due more than three years
31		-	62 months from the date of the note13
	18	+	principal of the note falls due more than three years 62 months from the date of the note13
32	19		or from the date of any instrument executed to secure the note and conveying or creating14
33	20		a lien or encumbrance on real estate for such purpose."15
34		-	H. B. 586
35		-	- 1 - 25 HB 586/AP
36		-	SECTION 2.
37		-	16
	21	+	- 1 - 25 LC 50 1230S
	22	+	SECTION 2.16
38	23		Said article is further amended by revising Code Section 48-6-66, relating to showing correct17
39	24		amount and due date on instruments conveying, encumbering, or creating a lien upon real18
40	25		estate, as follows:19
41	26		"48-6-66.20
42	27		Every instrument conveying, encumbering, or creating a lien upon real estate shall set forth21
43	28		in words and figures the correct amount of the note secured by the instrument and the date22
44		-	upon which the note falls due. When the note falls due within three years
45		-	62 months from23
	29	+	upon which the note falls due. When the note falls due within three years 62 months from23
46	30		the date of the note or from the date of any instrument executed to secure the note, a24
47	31		statement of that fact in lieu of specifying the date upon which the note falls due may be25
48	32		made in the security instrument and shall constitute sufficient compliance with this Code26
49	33		section. The inclusion in the instrument of a provision that the instrument secures all other27
50	34		indebtedness then existing or thereafter incurred shall not require the setting forth in the28
51	35		instrument of existing indebtedness for loans not made on the security of the instrument."29
52	36		SECTION 3.30
53	37		Said article is further amended by revising Code Section 48-6-68, relating to bond for title31
54	38		in absence of security deed and recording and tax, as follows:32
55	39		"48-6-68.33
56	40		Any seller of real estate who retains title to the real estate as security for the purchase price34
57	41		and who does not convey title to the purchaser or take back a deed to secure debt shall35
58	42		execute and deliver to the purchaser a bond for title which shall correctly set forth the36
59	43		unpaid portion of the purchase price and the maturity of the indebtedness. If any part of37
60	44		the purchase price falls due more than three years 62 months from the date of the38
61	45		instrument, the seller shall have the instrument recorded before delivery of the bond for39
62	46		title in the county where the land is located and shall pay the tax required by this article for40
63	47		the recording of the instrument."41
64		-	H. B. 586
65		-	- 2 - 25 HB 586/AP
66		-	SECTION 4.
67		-	42
	48	+	- 2 - 25 LC 50 1230S
	49	+	SECTION 4.42
68	50		All laws and parts of laws in conflict with this Act are repealed.43
69		-	H. B. 586
70	51		- 3 -