SB 547 Summary

• Amends Sections 16-25-20 and 36-27-25 of the Alabama Code to authorize the Boards of Control of the Teachers' Retirement System and Employees' Retirement System to invest in mortgages for Alabama homeowners.

• Permits each board to invest up to $500,000,000 per year in mortgages during fiscal years ending September 30, 2010 and September 30, 2011.

• Mortgages must be originated by and managed through the Alabama Housing Finance Authority under guidelines established by each Board of Control.

• Becomes effective immediately upon passage and approval by the Governor or upon otherwise becoming law.