HB701 Summary

• Amends Section 6-5-248 of the Code of Alabama 1975 to modify redemption periods for foreclosed real estate.

• Reduces the redemption period for commercial property from one year to 90 days from the date of foreclosure sale.

• Establishes a 180-day redemption period for commercial mortgages secured by real property executed after the effective date of this amendment.

• Maintains a one-year redemption period for residential property and clarifies that residential development and residential property mortgages are not considered commercial mortgages.

• Becomes effective on the first day of the third month following passage and approval by the Governor.