Bulletin: GA2017001

Date:
August 16, 2017
To:
All Georgia Issuing Offices
RE:
UNDERWRITING - HB 221 Amending Chapter 6 of Title 10 of the Official Code of Georgia Annotated and enacting the Uniform Power of Attorney Act (UPOAA)

Dear Associates:

On May 8, 2017, the Governor of the State of Georgia (“Georgia”) signed House Bill 221 amending Chapter 6 of Title 10 of the Official Code of Georgia Annotated (O.C.G.A.) and enacting the Uniform Power of Attorney Act (UPOAA). The Act took effect on July 1, 2017Attached to this bulletin, please find a copy of HB 221 in its entirety. 

All Georgia issuing offices should please note the following: 

  • A new statutory form Power of Attorney is provided in paragraph 10-6B-70; 
  • To satisfy and comply with the attestation and execution requirements in Georgia, whether the new statutory form Power of Attorney is signed manually or electronically,  the execution of the Power of Attorney form by the principal must be in the physical presence of one competent unofficial witness and before a Notary Public (or other office authorized to administer oaths); 
  • The new statutory form Power of Attorney, when presented for use in a Georgia real estate transaction, must be reviewed for specificity. If the power of attorney does not specifically state that it applies to the proposed transaction (i.e., authorizing the sale, conveyance or encumbrance of the subject property), contact your Stewart underwriter;  
  • The use of transaction specific or limited powers of attorney forms prepared by a Georgia issuing office is still permissible; and  
  • The underwriting requirements regarding the acceptance and use of a power of attorney on behalf of the Seller and/or Buyer/Borrower in Georgia real transactions have not changed. 

The guidelines and underwriting requirements for Powers of Attorney may be found on Virtual Underwriter at www.vuwriter.com.  

If you have any questions relating to this or other bulletins, please contact a Stewart Title Guaranty Company underwriter.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.

THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER  AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.

References

Bulletins Replaced:
None
Related Bulletins:
None
Underwriting Manual:
15.52 Powers Of Attorney
Exceptions Manual:
Powers of Attorney
Forms:
None