Georgia Code
Article 1 - In General
§ 44-14-13. Disbursement of Settlement Proceeds; Delivery of Loan Funds to Settlement Agent by Lender; Damages

For purposes of this Code section, the instruments described in paragraphs (1) through (4) of this subsection are negotiable instruments if they are negotiable in accordance with the provisions of Code Section 11-3-104.
History. Code 1981, § 44-14-13 , enacted by Ga. L. 1990, p. 1653, § 1; Ga. L. 2008, p. 796, § 1/SB 355; Ga. L. 2012, p. 1099, § 15/SB 365.
The 2008 amendment, effective July 1, 2008, rewrote subsection (c) and substituted the present provisions of subsection (d) for the former provisions which read: “The lender shall at or before the loan closing deliver loan funds to the settlement agent either in the form of collected funds or in the form of a negotiable instrument described in any of paragraphs (1) through (3) of subsection (c) of this Code section, provided that the lender must cause such instrument to be honored upon presentment for payment to the bank or other depository institution upon which such instrument was drawn.”. See the Editor’s notes for applicability.
The 2012 amendment, effective July 1, 2012, in paragraph (a)(10), substituted “lender or an active member of the State Bar of Georgia” for “person” near the beginning and deleted “and includes any individual, corporation, partnership, or other entity conducting the settlement and disbursement of the loan funds” following “proceeds” at the end; in subsection (b), substituted “shall apply” for “applies” near the beginning, substituted “refinance loans made by the current or a new lender” for “loans made to refinance, directly or indirectly, a purchase money loan made by another lender” in the middle, and inserted “within the State of Georgia”; substituted “party suffering the loss” for “borrower” in the second sentence of subsection (e); and added subsections (f) and (g).
Editor’s notes.
Ga. L. 1990, p. 1653, § 3, not codified by the General Assembly, provides that this Act shall not be construed to repeal or modify any provisions of law relative to the utterance or delivery of a worthless check and the provisions of this Act shall be cumulative of such other provisions.
Ga. L. 2008, p. 796, § 2/SB 355, not codified by the General Assembly, provides, in part, that the amendment to this Code section shall apply to all loans closed on or after July 1, 2008.
Law reviews.
For survey article on real property law, see 60 Mercer L. Rev. 345 (2008).
For annual survey on real property, see 64 Mercer L. Rev. 255 (2012).
For annual survey on real property, see 66 Mercer L. Rev. 151 (2014).

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