Motion to Read a Third Time and Pass
Yes
30
Absent
5
SB257 Alabama 2015 Session
Updated Jul 24, 2021
SB257 Alabama 2015 Session
Senate Bill
Expired
Current Status
Regular Session 2015
Session
1
Sponsor
Summary
- Primary Sponsor
-
Trip PittmanRepublican - Session
- Regular Session 2015
- Title
- Uniform Condominium Act, define terms, required in state escrow agent, withdrawals limited, written notice required, Sec. 35-8A-410 am'd.
- Description
Under existing law, after the time has passed for a purchaser to cancel a condominium contract, certain deposits may be withdrawn for construction purposes.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.
- Subjects
- Condominiums
Bill Actions
H
Commerce and Small Business first Substitute Offered
H
Pending third reading on day 23 Favorable from Commerce and Small Business with 1 substitute
H
Read for the second time and placed on the calendar with 1 substitute and
H
Rereferred from State Government to Commerce and Small Business
H
Read for the first time and referred to the House of Representatives committee on State Government
S
Motion to Read a Third Time and Pass adopted Roll Call 535
S
Third Reading Passed
S
Read for the second time and placed on the calendar
S
Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development
Bill Text
Votes
Documents
Source: Alabama Legislature