HB457 Alabama 2021 Session
Crossed Over
Bill Summary
Sponsors
Session
Regular Session 2021
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Residential Mortgage Satisfaction Act, recordation of satisfaction of non-resident mortgages, Sec. 35-10-27 repealed; Secs. 35-10-26, 35-10-30, 35-10-90, 35-10-91, 35-10-92, 35-10-94, 35-10-96 am'd.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. 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</p><p class="bill_description">
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</p><p class="bill_entitled_an_act"> 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.
</p>
Subjects
Mortgages
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 |