SB103 Summary

• Increases the mortgage recording fee from $0.15 to $0.20 per $100 of initial indebtedness for mortgages, deeds of trust, contracts of conditional sale, and similar instruments securing debt.

• Modifies the distribution of the five-cent portion of collected taxes to allocate two cents ($0.02) to the Alabama Housing Trust Fund, with remaining portions distributed to probate judges, county treasuries, and the State General Fund.

• Maintains existing procedures for open-end or revolving indebtedness instruments, with the option to pay based on initial indebtedness or maximum principal amount.

• Makes technical and nonsubstantive revisions to update code language to current style, including clarifying terminology regarding probate judges and financial institutions.

• Becomes effective October 1, 2021.