HB218 Alabama 2019 Session
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Bill Summary
Sponsors
Session
Regular Session 2019
Title
Residential Mortgage Satisfaction Act, recordation of satisfaction of non-resident mortgages, Sec. 35-10-27 repealed; Secs. 35-10-26, 35-10-30, 35-10-90, 35-10-91, 35-10-92, 35-10-94, 35-10-96 am'd.
Description
<p class="bill_description"> Under existing law, secured creditors are
only required to submit for recording the
satisfaction of any residential mortgages</p><p class="bill_description">
Non-residential mortgages, including commercial
mortgages, are excluded from the satisfaction
reporting requirements of the Alabama Residential
Mortgage Satisfaction Act and a satisfaction is
only recorded upon a written request of a mortgagor
or a creditor of the mortgagor</p><p class="bill_description">
This bill would expand that act requiring
recordation of satisfaction to include
non-residential mortgages, and would rename that
act the "Alabama Mortgage Satisfaction Act."
This bill would also make conforming changes
in the Code</p><p class="bill_entitled_an_act"> To expand the Alabama Residential Mortgage
Satisfaction Act to include non-residential mortgages and to
rename that act accordingly; and to amend Sections 35-10-26
and 35-10-30 to make conforming changes.
</p>
Subjects
Mortgages
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 29, 2019 | S | Pending third reading on day 27 Favorable from Judiciary |
| May 29, 2019 | S | Read for the second time and placed on the calendar |
| May 28, 2019 | S | Read for the first time and referred to the Senate committee on Judiciary |
| May 23, 2019 | H | Engrossed |
| May 23, 2019 | H | Motion to Read a Third Time and Pass adopted Roll Call 992 |
| May 23, 2019 | H | Motion to Adopt adopted Roll Call 991 |
| May 23, 2019 | H | Financial Services first Substitute Offered |
| May 23, 2019 | H | Third Reading Passed |
| April 11, 2019 | H | Read for the second time and placed on the calendar with 1 substitute and |
| March 19, 2019 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | May 29, 2019 | Committee Room 325 at 08:30 | Senate JUDY Hearing |
| Hearing | April 10, 2019 | Room 617 at 09:00 | House FS Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB218 Alabama 2019 Session - Introduced |
| Bill Text | HB218 Alabama 2019 Session - Engrossed |
| Bill Amendments | House Financial Services first Substitute Offered |