- William “Bill” M. Beasley
- Vivian Davis Figures
- Jimmy Holley
- Greg J. Reed
- Dick Brewbaker
- Paul Bussman
- Bill Holtzclaw
- Clay Scofield
- Tom Whatley
- George M. “Marc” Keahey
- Bobby D. Singleton
- Arthur Orr
- Cam Ward
- Gerald H. Allen
- J.T. Waggoner
- Del Marsh
- Ben H. Brooks
- Rodger Smitherman
- Paul Sanford
- Rusty Glover
- Linda Coleman-Madison
- Priscilla Dunn
- Mark Slade Blackwell
SB347 Alabama 2012 Session
Signed by Governor
Bill Summary
Sponsors
Session
Regular Session 2012
Title
Mortgages, Alabama Residential Mortgage Satisfaction Act, provides for timely payoff statements and timely recording of mortgage satisfaction, Secs. 35-10-26, 35-10-30 am'd
Description
This bill would adopt the Alabama Uniform Residential Mortgage Satisfaction Act
This bill would provide a method for a landowner or other entitled person to request a payoff statement pursuant to a notification that may be transmitted to a secured creditor by first class mail, facsimile, or email
This bill would require a secured creditor, upon notification, to comply with the request for a payoff statement within a certain period of time or be liable for damages
This bill would require secured creditors to record mortgage satisfactions within 30 days of the day the mortgage is paid or be liable for damages
This bill would provide damages in certain circumstances for failing to comply
This bill would provide a self-help title clearing remedy for a person entitled to the recording of a mortgage satisfaction pursuant to the use of an Affidavit of Satisfaction and a Satisfaction Agent
This bill would also provide for the use of a Document of Rescission by a secured creditor to rescind an erroneous recording of a mortgage satisfaction and limit potential liability
To adopt the Alabama Residential Mortgage Satisfaction Act as a new Chapter 10B, Title 35, Code of Alabama 1975, to provide a uniform method for clearing residential land titles for subsequent transactions; to provide a method for a landowner or other entitled person to request a payoff statement pursuant to a notification transmitted to a secured creditor; to require a secured creditor, upon notification, to comply with the request for a payoff statement within a certain period of time; to require secured creditors to record mortgage satisfactions within a certain period of time of the payment date; to provide penalties for violations; to provide a self-help title clearing remedy pursuant to the use of an Affidavit of Satisfaction and a Satisfaction Agent; to provide for the use of a Document of Rescission by a secured creditor to rescind an erroneous recording of a mortgage; and to amend Sections 35-10-26 and 35-10-30, Code of Alabama 1975, to conform those code sections to the new chapter.
Subjects
Mortgages
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| April 26, 2012 | Forwarded to Governor at 1:45 p.m. on April 26, 2012 | |
| April 26, 2012 | Assigned Act No. 2012-278. | |
| April 26, 2012 | Signature Requested | |
| April 26, 2012 | Enrolled | |
| April 26, 2012 | Concurred in Second House Amendment | |
| April 26, 2012 | Marsh motion to Concur In and Adopt adopted Roll Call 772 | |
| April 26, 2012 | Concurrence Requested | |
| April 24, 2012 | Motion to Read a Third Time and Pass adopted Roll Call 952 | |
| April 24, 2012 | Motion to Adopt adopted Roll Call 951 | |
| April 24, 2012 | Long Amendment Offered | |
| April 24, 2012 | Third Reading Passed | |
| April 17, 2012 | Read for the second time and placed on the calendar | |
| April 10, 2012 | Engrossed | |
| April 10, 2012 | Read for the first time and referred to the House of Representatives committee on Financial Services | |
| April 10, 2012 | Motion to Read a Third Time and Pass adopted Roll Call 518 | |
| April 10, 2012 | Scofield motion to Adopt adopted Roll Call 517 | |
| April 10, 2012 | Banking and Insurance first Substitute Offered | |
| April 10, 2012 | Third Reading Passed | |
| April 5, 2012 | Read for the second time and placed on the calendar with 1 substitute and | |
| February 21, 2012 | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB347 Alabama 2012 Session - Enrolled |
| Bill Text | SB347 Alabama 2012 Session - Engrossed |
| Bill Text | SB347 Alabama 2012 Session - Introduced |