HB457 Alabama 2021 Session
Bill Summary
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 Alabama Residential Mortgage Satisfaction 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
To expand the Alabama Residential Mortgage Satisfaction Act and rename it the Alabama Residential and Agricultural Mortgage Satisfaction Act; to amend Sections 35-10-90, 35-10-91, 35-10-92, 35-10-94, and 35-10-96, Code of Alabama 1975, to include commercial agricultural mortgages; to rename the act accordingly; to amend Sections 35-10-26 and 35-10-30, Code of Alabama 1975, to make conforming changes; and to repeal Section 35-10-27, Code of Alabama 1975.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 17, 2021 | S | Further Consideration |
| May 17, 2021 | S | Whatley motion to Carry Over to the Call of the Chair adopted Voice Vote |
| May 17, 2021 | S | Third Reading Carried Over to Call of the Chair |
| March 30, 2021 | S | Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development |
| March 30, 2021 | H | Motion to Read a Third Time and Pass adopted Roll Call 530 |
| March 30, 2021 | H | Third Reading Passed |
| March 9, 2021 | H | Read for the second time and placed on the calendar |
| February 25, 2021 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 7, 2021 | ROOM 825 - TIME CHANGE/BILLS REMOVED at 09:30 | Senate FRED Hearing |
| Hearing | March 9, 2021 | Room 617 at 10:00 | House FS Hearing |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB457 Alabama 2021 Session - Introduced |
| Fiscal Note | Fiscal Note - HB457 for Financial Services |
| Fiscal Note | Fiscal Note - HB457 for Fiscal Responsibility and Economic Development |