HB62 Alabama 2020 Session

Summary

Primary Sponsor

Chris Pringle Representative

Republican

Session

Regular Session 2020

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Residential Mortgage Satisfaction Act, recordation of satisfaction of non-resident mortgages, Sec. 35-10-27 repealed; Secs. 35-10-26, 35-10-30, 35-10-90, 35-10-91, 35-10-92, 35-10-94, 35-10-96 am'd.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

Under existing law, secured creditors are only required to submit for recording the satisfaction of any residential mortgages. Other mortgages, including mortgages securing commercial agricultural properties, 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.

This bill would expand the act to require recordation of satisfaction to include mortgages securing commercial agricultural properties and would rename that act the "Alabama Residential and Agricultural Mortgage Satisfaction Act." This bill would also make conforming changes.

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Subjects

Mortgages