SB233 Alabama 2024 Session

Summary

Primary Sponsor

Linda Coleman-Madison Senator

Democrat

Session

Regular Session 2024

Title

Mortgages, fee increase for recording of mortgages, deeds of trust, distribution of proceeds to 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.

This bill would also make nonsubstantive, technical revisions to update the existing code language to current style.

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Subjects

Taxation & Revenue