SB107 Alabama 2023 Session

Updated Apr 17, 2023

Senate Bill

Expired

Current Status

Regular Session 2023

Session

Sponsor

Summary

Primary Sponsor: Linda Coleman-Madison Senator
Democrat
Session: Regular Session 2023
Title: 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; and to modify the rate and distribution of the mortgage record tax in order to provide a dedicated revenue for the Alabama Housing Trust Fund.
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.
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.
This bill would modify the rate and distribution of the mortgage record tax in order to provide a dedicated revenue for the Alabama Housing Trust Fund.
Subjects: Mortgages, fee increase for recording of mortgages, deeds of trust, distribution of proceeds to Alabama housing trust fund.