Farm and land purchases could be streamlined under legislation approved Wednesday by the House Financial Services Committee.
HB 21 by Rep. Chris Pringle, R-Mobile, would require creditors to record when liens against agricultural properties are satisfied. The requirement already exists for residential mortgages.
Known as the Alabama Residential and Agricultural Mortgage Satisfaction Act, the legislation could save time and money in land transactions by reducing the research required to determine if there are active liens against a property.
HB 21 now goes to the full House of Representatives for consideration.