HB141 Summary

• Increases the mortgage recording fee from $.15 to $.30 per $100 of indebtedness (or fraction thereof) for mortgages, deeds of trust, contracts of conditional sale, and similar instruments securing debt.

• Modifies the distribution of Mortgage Record Tax revenues by allocating 25% to the Alabama Housing Trust Fund, with the remaining 75% distributed among probate judges (5%), county treasuries (one-third), and the State Treasury (two-thirds).

• Applies to all mortgages securing initial indebtedness, open-end or revolving indebtedness, and contracts for sale of real or personal property, with exceptions for re-recordings and corrected instruments.

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