Under existing law, after the time has passed for a purchaser to cancel a condominium contract, certain deposits may be withdrawn for construction purposes.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.
Delivered to Governor at 11:00 a.m. on May 4, 2016.
Assigned Act No. 2016-350.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 944
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development
Motion to Read a Third Time and Pass adopted Roll Call 329
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Commerce and Small Business
Source: Alabama Legislature