HB382 Alabama 2012 Session
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Bill Summary
Sponsors
Session
Regular Session 2012
Title
Mortgages, Alabama Residential Mortgage Satisfaction Act, provides for timely payoff statements and timely recording of mortgage satisfaction, Secs. 35-10-26, 35-10-30 am'd
Description
<p class="bill_description"> This bill would adopt the Alabama Uniform
Residential Mortgage Satisfaction Act</p><p class="bill_description">
This bill would provide a method for a
landowner or other entitled person to request a
payoff statement pursuant to a notification that
may be transmitted to a secured creditor by first
class mail, facsimile, or email</p><p class="bill_description">
This bill would require a secured creditor,
upon notification, to comply with the request for a
payoff statement within a certain period of time or
be liable for damages</p><p class="bill_description">
This bill would require secured creditors to
record mortgage satisfactions within 30 days of the
day the mortgage is paid or be liable for damages</p><p class="bill_description">
This bill would provide damages in certain
circumstances for failing to comply</p><p class="bill_description">
This bill would provide a self-help title
clearing remedy for a person entitled to the
recording of a mortgage satisfaction pursuant to
the use of an Affidavit of Satisfaction and a
Satisfaction Agent</p><p class="bill_description">
This bill would also provide for the use of
a Document of Rescission by a secured creditor to
rescind an erroneous recording of a mortgage
satisfaction and limit potential liability</p><p class="bill_entitled_an_act"> To adopt the Alabama Residential Mortgage
Satisfaction Act as a new Chapter 10B, Title 35, Code of
Alabama 1975, to provide a uniform method for clearing
residential land titles for subsequent transactions; to
provide a method for a landowner or other entitled person to
request a payoff statement pursuant to a notification
transmitted to a secured creditor; to require a secured
creditor, upon notification, to comply with the request for a
payoff statement within a certain period of time; to require
secured creditors to record mortgage satisfactions within a
certain period of time of the payment date; to provide
penalties for violations; to provide a self-help title
clearing remedy pursuant to the use of an Affidavit of
Satisfaction and a Satisfaction Agent; to provide for the use
of a Document of Rescission by a secured creditor to rescind
an erroneous recording of a mortgage; and to amend Sections
35-10-26 and 35-10-30, Code of Alabama 1975, to conform those
code sections to the new chapter.
</p>
Subjects
Mortgages
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 17, 2012 | Read for the first time and referred to the Senate committee on Banking and Insurance | |
| April 17, 2012 | Engrossed | |
| April 17, 2012 | Motion to Read a Third Time and Pass adopted Roll Call 836 | |
| April 17, 2012 | Motion to Adopt adopted Roll Call 835 | |
| April 17, 2012 | Financial Services first Substitute Offered | |
| April 17, 2012 | Third Reading Passed | |
| April 5, 2012 | Read for the second time and placed on the calendar with 1 substitute and | |
| February 21, 2012 | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB382 Alabama 2012 Session - Introduced |
| Bill Text | HB382 Alabama 2012 Session - Engrossed |