HB196 Alabama 2013 Session
Bill Summary
Under existing law, the Uniform Transfer to Minors Act authorizes a transfer of property to a custodian for the benefit of a minor. An irrevocable transfer by a person who is otherwise obligated to a minor may not exceed $10,000 in aggregate
This bill would delete the $10,000 limit on transfers by a person obligated to a minor
Under existing law, if a custodian has not been nominated or a custodian dies or is unable to serve, a transfer may be made to an adult member of the minor's family or a bank or other financial institution
This bill would limit a transfer under this provision to transfers which do not exceed $50,000
To amend Section 35-5A-8 of the Code of Alabama 1975, relating to transfers under the Transfer to Minors Act; to delete the limitation on transfers to a custodian and to limit transfers to adult members of the minor's family or a financial institution when a custodian has not been nominated or is otherwise unable to serve.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 7, 2013 | S | Pending third reading on day 12 Favorable from Children, Youth Affairs, and Human Resources |
| March 7, 2013 | S | Read for the second time and placed on the calendar |
| February 26, 2013 | S | Read for the first time and referred to the Senate committee on Children, Youth Affairs, and Human Resources |
| February 26, 2013 | H | Motion to Read a Third Time and Pass adopted Roll Call 148 |
| February 26, 2013 | H | Third Reading Passed |
| February 14, 2013 | H | Read for the second time and placed on the calendar |
| February 7, 2013 | H | Read for the first time and referred to the House of Representatives committee on Financial Services |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB196 Alabama 2013 Session - Introduced |