Georgia Code
Article 1 - In General
§ 44-14-5. Practices Prohibited in Connection With Certain Residential Real Estate Transactions

Any borrower who has been relieved of liability for the repayment of the indebtedness may submit his affidavit of such fact to the clerk of the superior court in the county where the security instrument is recorded, which clerk shall enter a notation on the recorded security instrument to the effect that the borrower has been relieved of liability under the terms of the security instrument and the note secured thereby. Any such transfer fee shall not be considered interest and shall not be taken into account in the calculation of interest and shall not be considered a “rate of charge” as that term is defined in Code Section 7-4-30;
Such acceleration shall be permitted only within a 60 day period after the lender acquires actual knowledge of the sale or transfer to such person; and
History. Ga. L. 1979, p. 345, §§ 1, 2; Ga. L. 1980, p. 585, § 1; Ga. L. 1981, p. 480, §§ 1-9; Ga. L. 1991, p. 1653, §§ 2-3.
Editor’s notes.
Ga. L. 1981, p. 480, § 10, not codified by the General Assembly, provided as follows: “This Act shall become effective upon its approval by the Governor or upon its becoming law without his approval; and the provisions of the Act shall apply to any transfer or sale of real estate and the assumption of indebtedness in connection therewith which is accomplished on or after the effective date of this Act; but the Act and this amendatory Act shall not affect or impair the rights, duties, or interests arising out of or flowing from instruments executed prior to the effective date of this amended Act.” This Act became effective March 24, 1981.
Law reviews.
For article surveying 1979 legislative developments in commercial law, see 31 Mercer L. Rev. 13 (1979).
For article surveying recent legislative and judicial developments in Georgia’s real property laws, see 31 Mercer L. Rev. 187 (1979).
For article surveying developments in Georgia real property law from mid-1980 through mid-1981, see 33 Mercer L. Rev. 219 (1981).

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