HB218 Summary

• Renames the Alabama Residential Mortgage Satisfaction Act to the Alabama Residential and Agricultural Mortgage Satisfaction Act to expand coverage to commercial agricultural mortgages used primarily for growing plants, trees, or animals for profit.

• Secured creditors must submit mortgage satisfaction documents for recording within 30 days after receiving full payment, with a $500 penalty if mortgagors make written requests and creditors fail to comply within 21 days.

• Entitled persons can request payoff statements within 14 days, and secured creditors must provide statements showing unpaid principal, interest, fees, per diem interest amounts, and prepayment penalties where applicable.

• Allows satisfaction agents to file affidavits of satisfaction if secured creditors fail to record satisfaction within required timeframes, provided proper notification procedures are followed.

• Repeals Section 35-10-27 and makes conforming changes to Sections 35-10-26 and 35-10-30 to reflect the act's expansion to agricultural mortgages.