Bill that would have stopped 40-year liens gets new life in Georgia Senate

ATLANTA — There’s new life for a proposed bill that would outlaw a key part of controversial real estate contracts we have been telling you about in a series of Channel 2 Action News investigations.

Channel 2 Action News has reported for months on MV Realty’s controversial 40-year listing agreements.

They require homeowners to use MV Realty when selling their property and result in liens for thousands of dollars if they don’t.

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• Bill to outlaw 40-year listings moves forward at State Capitol after series of Channel 2 reports
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• Lawsuit filed against company accused of luring homeowners into 40-year commitment with quick cash
• 2 more states file suits against realty company that trades quick cash for 40-year listing agreement
• FCC deals major blow to company accused of duping homeowners into 40-year-listing agreements

Georgia House Bill 472 would have made those liens illegal. It passed out of committee earlier this month but never got a vote on a Crossover Day. Because the bill never made it out of the House that day, it was essentially dead for the legislative season.

Now, supporters have added the bill to an existing Senate bill that did make it through on Crossover Day.

That legislation, Senate Bill 90, passed out of the banking committee on Monday, so the bill still has a chance of becoming law this session.

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Bill to stop ‘predatory contracts’ expected to be voted on after series of Channel 2 investigations

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