Mon., January 9, 2012 5:04pm (EST)

Senate Caps Foreclosure Fees
By Associated Press
Updated: 2 years ago

ATLANTA  —  
Georgia senate committee meeting approves a bill to put a cap on foreclosure fees. (photo courtesy Illinois People's Action)
Georgia senate committee meeting approves a bill to put a cap on foreclosure fees. (photo courtesy Illinois People's Action)
Georgia cities and counties would have to cap the fees and penalties they charge owners of foreclosed properties under a proposal approved by a state Senate committee.

The Banking and Finance Committee voted 5-2 in favor of sending the bill to a full vote, which could happen as soon as this week. The legislation is a carryover from last year.

According to the proposal, the bill would authorize cities and counties to create foreclosure registries that would have statewide standards. The fee to register a property would not exceed $175, and the penalties for failing to register properties would be limited to $500 a month and $2,000 total.

The law would not preempt existing city or county ordinances.