SB70 Summary

• Creates a new Class A felony offense of "aggravated fraud" under Section 13A-8-220 of the Code of Alabama 1975.

• Criminalizes theft of foreign or domestic funds, cash, or cash equivalents (including stocks, bonds, investments, or retirement accounts) exceeding $200,000 in value obtained by deception.

• Criminalizes theft of public funds or revenue from any state, county, municipal government agency, or political subdivision exceeding $100,000 in value obtained by deception.

• Establishes that the statute of limitations does not begin until discovery of the deceptive facts, with prosecution required within six years of discovery.

• Defines "deception" to include creating or confirming false impressions, failing to correct false impressions, preventing information acquisition, failing to disclose liens or legal impediments to property, and promising performance the defendant does not intend to perform.

• Takes effect on the first day of the third month following passage and approval by the Governor.