SB347 Alabama 2012 Session

Updated Jan 10, 2026

Summary

Primary Sponsor: William “Bill” M. BeasleySenator
Democrat
Co-Sponsors: Vivian Davis Figures Jimmy Holley Greg J. Reed Dick Brewbaker Paul Bussman Bill Holtzclaw Clay Scofield Bryan Taylor Jerry L. Fielding Tom Whatley George M. “Marc” Keahey Bobby D. Singleton Arthur Orr Cam Ward Gerald H. Allen J.T. Waggoner Del Marsh Ben H. Brooks Rodger Smitherman Paul Sanford Rusty Glover Linda Coleman-Madison Priscilla Dunn Mark Slade Blackwell
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: This bill would adopt the Alabama Uniform Residential Mortgage Satisfaction Act.
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.
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.
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.
This bill would provide damages in certain circumstances for failing to comply.
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.
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.
Subjects: Mortgages