Code of Alabama - Title 24: Housing - Chapter 11 - Alabama First-time and Second Chance Home Buyer Savings Account Act

• Section 24-11-1 Short title
  Short Title. This act shall be known and may be cited as the "Alabama First-time and Second Chance Home Buyer Savings Account Act."
• Section 24-11-2 Legislative declaration
  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...
• Section 24-11-3 Definitions
  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...
• Section 24-11-4 Establishment and use of first-time and second chance home buyer savings account
  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...
• Section 24-11-5 Account holder responsibilities
  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...
• Section 24-11-6 Responsibilities of financial institutions
  Responsibilities of Financial Institutions. (a) A financial institution shall be required to do the following: (1) Create a new account for the first-time and second...
• Section 24-11-7 Deduction of contributions, exclusion of earnings, and limitations
  Deduction of Contributions, Exclusion of Earnings, and Limitations. (a) Except as otherwise provided in this chapter and subject to the limitations under this section, a...
• Section 24-11-8 Penalty for withdrawal for purpose other than eligible costs
  Penalty for Withdrawal for Purpose Other Than Eligible Costs. Except as otherwise provided in this section, if the account holder withdraws any funds from a...
• Section 24-11-9 Department of revenue; forms
  Department of Revenue; Forms. The Department of Revenue shall adopt forms for the following: (1) The designation of an account with a financial institution to...
• Section 24-11-10 Annual report
  The department shall report to the Fiscal Division of the Legislative Services Agency on an annual basis the total annual number of deductions claimed and...

Last modified: May 3, 2021