SB189 Summary

• Increases the mortgage recording fee from $.15 to $.20 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 the $.05 portion of collected taxes to allocate two cents ($.02) to the Alabama Housing Trust Fund, one-half cent ($.005) to judges of probate, one-half cent ($.005) to county treasuries, and two cents ($.02) to the State General Fund.

• Maintains existing procedures for open-end or revolving indebtedness, including bonding requirements for non-financial institutions and certification procedures for financial institutions, banks, savings and loan associations, and insurance companies.

• Applies effective date of October 1, 2019, following passage and approval by the Governor.