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AL HB196
Bill
Status
2/26/2013
Primary Sponsor
Ken Johnson
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AI Summary
HB196 Summary
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Deletes the $10,000 aggregate limit on irrevocable transfers by a person otherwise obligated to a minor under the Uniform Transfer to Minors Act.
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Limits transfers made to an adult family member or trust company (when no custodian has been nominated or all nominated custodians are unable or unwilling to serve) to a maximum of $50,000 in value.
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Amends Section 35-5A-8 of the Alabama Code of 1975 regarding transfers under the Transfer to Minors Act.
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Takes effect on the first day of the third month following passage and gubernatorial approval.
Legislative Description
Minors, Uniform Transfers to Minors Act, transfers by person obligated to minor, aggregate limit deleted, transfers to adult family members or bank under certain conditions restricted, Sec. 35-5A-8 am'd.
Banks and Banking
Last Action
Pending third reading on day 12 Favorable from Children, Youth Affairs, and Human Resources
3/7/2013