Legislation sponsored by Rep. Chris Pringle, R-Mobile, would ensure commercial agricultural properties are treated the same as homes under the Alabama Residential Mortgage Satisfaction Act.
The act currently requires secured creditors to submit for recording the satisfaction of residential mortgages. HB 21 or HB 62 would extend this requirement to farms and would rename the act the Alabama Residential and Agricultural Mortgage Satisfaction Act.
“This change will save time and money in land transactions by reducing the amount of research required to determine if there are active liens against the property,” said Alabama Farmers Federation External Affairs Department Director Matthew Durdin.
The bill is set to be considered by the House Financial Services Committee on Wednesday.