SB103 Alabama 2020 Session

Sponsors

Session

Regular Session 2020

Title

Taxation, recordation tax, mortgages, deeds of trust, etc., recording fee and the distribution thereof further provided, Sec. 40-22-2 am'd.

Description

<p class="bill_description"> Under existing law, a fee is required to record certain mortgages, deeds of trust, contracts of conditional sale, or other instruments of like character which is given to secure the payment of any debt which conveys any real or personal property</p><p class="bill_description"> This bill would increase the fee for recording of certain mortgages, deeds of trust, contracts of conditional sale, or other instruments of like character which is given to secure the payment of any debt which conveys any real or personal property</p><p class="bill_description"> This bill would modify the rate and further provide for the distribution of the mortgage record tax in order to provide a dedicated revenue for the Alabama Housing Trust Fund</p><p class="bill_description"> This bill would also make nonsubstantive, technical revisions to update the existing code language to current style</p><p class="bill_entitled_an_act"> To amend Section 40-22-2, Code of Alabama 1975; to increase the fee for recording of certain mortgages, deeds of trust, contracts of conditional sale, or other instruments of like character which is given to secure the payment of any debt which conveys any real or personal property; to modify the rate and further provide for the distribution of the mortgage record tax in order to provide a dedicated revenue for the Alabama Housing Trust Fund; and to make nonsubstantive, technical revisions to update the existing code language to current style. </p>

Subjects

Mortgages