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AL HB341
Bill
Status
2/25/2016
Primary Sponsor
Patricia Todd
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AI Summary
HB341 Summary
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Increases recording fees for mortgages, deeds of trust, contracts of conditional sale, and similar debt-securing instruments from $.15 to $.30 per $100 of indebtedness (or fraction thereof).
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Revises the distribution of mortgage recording tax revenue: 3% to probate judges, 35% to State Treasury, 23% to Alabama Housing Trust Fund, 23% to Alabama Homebuyer's Initiative, and 16% to county treasurers.
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Maintains existing exemptions for corrected mortgages, re-recordings, and certain Uniform Commercial Code filings.
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Becomes effective on the first day of the third month following passage and Governor approval.
Legislative Description
Mortgages, recording fee increased, distrib. to the Alabama Housing Trust Fund and the Alabama Homebuyer's Initiative, Sec. 40-22-2 am'd.
Mortgages
Last Action
Read for the first time and referred to the House of Representatives committee on Ways and Means General Fund
2/25/2016