SB257 Alabama 2015 Session
Bill Summary
Under existing law, after the time has passed for a purchaser to cancel a condominium contract, certain deposits may be withdrawn for construction purposes
This bill would define certain terms involved in a condominium contract
This bill would require that the escrow agent be located in state and that a declarant may accept a letter of credit in lieu of a portion or all of the deposit
This bill would allow a declarant to withdraw certain deposits to pay hard costs associated with construction under certain circumstances and would limit the withdrawal
This bill would require that the contract provide clear written notice that certain deposits may be used for certain hard costs
To amend Section 35-8A-410, Code of Alabama 1975, relating to the Alabama Uniform Condominium Act; to define certain terms relating to escrow and building costs; to specify conditions of escrow deposit and use; and to require written notice in the contract that deposits may be used under certain conditions.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 14, 2015 | H | Commerce and Small Business first Substitute Offered |
| May 14, 2015 | H | Pending third reading on day 23 Favorable from Commerce and Small Business with 1 substitute |
| May 14, 2015 | H | Read for the second time and placed on the calendar with 1 substitute and |
| May 5, 2015 | H | Rereferred from State Government to Commerce and Small Business |
| April 21, 2015 | H | Read for the first time and referred to the House of Representatives committee on State Government |
| April 16, 2015 | S | Motion to Read a Third Time and Pass adopted Roll Call 535 |
| April 16, 2015 | S | Third Reading Passed |
| April 9, 2015 | S | Read for the second time and placed on the calendar |
| March 17, 2015 | S | Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | May 13, 2015 | Room 123 at 15:00 | House C&SB Hearing |
| Hearing | May 7, 2015 | Room 410 at 08:45 | House C&SB Hearing |
| Hearing | May 7, 2015 | at 19:00 | House C&SB Hearing |
| Hearing | May 6, 2015 | Room 428 at 02:00 | House SG Hearing |
| Hearing | May 6, 2015 | Room 428 at 15:00 | House SG Hearing |
| Hearing | April 8, 2015 | Room 727 at 15:00 | Senate FR&ED Hearing |
| Hearing | April 1, 2015 | Room 727 * Revised * at 15:00 | Senate FR&ED Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB257 Alabama 2015 Session - Introduced |