22-18-62
Section 22-18-62 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE APRIL 6, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Beginning October 1,
2018, the member institutions of the ACCS, the Fire College, and the University of South Alabama
may enter into contracts with new students seeking to obtain certification as an EMSP. (Act
2018-524, §3.)...
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22-27-60
Section 22-27-60 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2019 REGULAR SESSION,
EFFECTIVE SEPTEMBER 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. As used in this article,
the following terms shall have the following meanings: (1) LENDER. A person who holds a mortgage,
lien, deed of trust, or other security interest in property. The term includes an assignee,
receiver, or other transferee of the interest. (2) RESIDENTIAL REAL PROPERTY. Any of the following:
a. A single-family house. b. A duplex, triplex, or quadraplex. c. A unit in a multi-unit residential
structure in which title to an individual unit is transferred to the owner of the unit under
a condominium or cooperative system. (Act 2019-460, §1.)...
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22-27-61
Section 22-27-61 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2019 REGULAR SESSION,
EFFECTIVE SEPTEMBER 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) If a claim under
an insurance policy for damage to residential real property is paid to the insured and a lender,
and the lender holds all or part of the proceeds from the insurance claim payment pending
completion of all or part of the repairs to the property, the lender shall notify the insured
of each requirement with which the insured must comply for the lender to release the insurance
proceeds. (b) The notice required under this section must be provided no later than 14 days
after the date the lender receives payment of the insurance proceeds. (Act 2019-460, §2.)...

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22-27-62
Section 22-27-62 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2019 REGULAR SESSION,
EFFECTIVE SEPTEMBER 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Not later than 10
days after the date a lender receives from the insured a request for release of all or part
of the insurance proceeds held by the lender, the lender shall do either of the following:
(1) If the lender has received sufficient evidence of the insured's compliance with the requirements
specified by the lender under Section 27-22-61 for release of the proceeds, the lender shall
release to the insured, as requested, all or part of the proceeds. (2) Provide notice to the
insured that explains specifically both of the following: a. The reason for the lender's refusal
to release the proceeds to the insured. b. Each requirement with which the insured must comply
for the lender to release the proceeds. (Act 2019-460, §3.)...
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22-27-65
Section 22-27-65 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2019 REGULAR SESSION,
EFFECTIVE SEPTEMBER 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Nothing in this article
shall impact any rights of a lender, whether provided by law or by an agreement with a borrower
or mortgagor. (Act 2019-460, §6.)...
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24-11-1
Section 24-11-1 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Short Title. This act
shall be known and may be cited as the "Alabama First-time and Second Chance Home Buyer
Savings Account Act." (Act 2018-467, §1.)...
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24-11-2
Section 24-11-2 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Legislative Declaration.
The Legislature recognizes that saving for the purchase of a first home is very challenging
in today's economy. The Legislature declares that first-time and second chance home buyer
savings accounts provide an opportunity for Alabama residents to save funds for home ownership.
The first-time and second chance home buyer savings account program is intended to enable
first-time and second chance home buyers in Alabama to plan for and utilize a tax incentive
to save funds for a down payment and closing costs for the purchase of a first home in Alabama.
(Act 2018-467, §2.)...
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24-11-3
Section 24-11-3 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Definitions. As used
in this chapter, the following terms shall have the following meanings: (1) ACCOUNT HOLDER.
A first-time and second chance home buyer who establishes, individually or jointly with another
first-time and second chance home buyer, a first-time and second chance home buyer savings
account. (2) ALLOWABLE CLOSING COSTS. A disbursement listed on a settlement statement for
the purchase of a single-family residence in Alabama by a first-time and second chance home
buyer. (3) DEPARTMENT. Alabama Department of Revenue. (4) ELIGIBLE COSTS. The down payment
and allowable closing costs for the purchase of a single-family residence in Alabama by a
first-time and second chance home buyer. Eligible costs do not include any costs incurred
prior to the establishment of a first-time and second chance home buyer savings...
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24-11-4
Section 24-11-4 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Establishment and Use
of First-time and Second Chance Home Buyer Savings Account. (a) Beginning January 1, 2019,
a first-time and second chance home buyer may open an account with a financial institution
designated in its entirety by the financial institution as a first-time and second chance
home buyer savings account. (b) Funds from a first-time and second chance home buyer savings
account may be used only to pay a first-time and second chance home buyer's eligible costs
for the purchase of a single-family residence in Alabama. (c) A first-time and second chance
home buyer may jointly own a first-time and second chance home buyer savings account with
another first-time and second chance home buyer if the joint account holders file a joint
income tax return. (d) Only cash and marketable securities may be contributed to a...
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24-11-5
Section 24-11-5 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE MARCH 28, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. Account Holder Responsibilities.
The account holder shall do all of the following: (1) Not use funds held in a first-time and
second chance home buyer savings account to pay expenses of administering the account, except
that a service or other account fee may be deducted from the account by the financial institution
in which the account is held. (2) Submit the following to the Department of Revenue with the
account holder's Alabama income tax return: a. Detailed information, in a form prescribed
by the Department of Revenue, regarding the first-time and second chance home buyer savings
account, including a list of transactions for the account during the tax year. b. Form 1099
issued by the financial institution for the account. (3) Submit to the department, upon a
withdrawal of funds from a first-time and second chance...
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