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AL HB159
Bill
Status
2/9/2017
Primary Sponsor
Patricia Todd
Click for details
AI Summary
HB159 Summary
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Doubles the recording fee 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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Redirects revenue distribution from mortgage recording taxes: allocates 23% to Alabama Housing Trust Fund and 23% to Alabama Homebuyer's Initiative, with remaining percentages to State Treasury (35%), probate judges (3%), and county treasurers (16%).
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Becomes effective on the first day of the third month following passage and approval by the Governor.
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
2/9/2017