HB273 Summary

• Increases the mortgage recording fee from $0.15 to $0.30 per $100 of indebtedness for mortgages, deeds of trust, contracts of conditional sale, and similar instruments securing debt.

• Modifies the distribution of Mortgage Record Tax revenues to allocate 25 percent to the Alabama Housing Trust Fund, 37 percent to the State Treasury, 33 percent to county treasuries, and 5 percent to judges of probate.

• Applies the increased fee to all instruments securing initial indebtedness and open-end or revolving indebtedness with any interest in property.

• Effective on the first day of the third month following passage and approval by the Governor or upon otherwise becoming law.