§ 24-11-1 Short title
§ 24-11-2 Legislative declaration
§ 24-11-3 Definitions
§ 24-11-4 Establishment and use of first-time and second chance home buyer savings account
§ 24-11-5 Account holder responsibilities
§ 24-11-6 Responsibilities of financial institutions
§ 24-11-7 Deduction of contributions, exclusion of earnings, and limitations
§ 24-11-8 Penalty for withdrawal for purpose other than eligible costs
§ 24-11-9 Department of revenue; forms
§ 24-11-10 Annual report

Terms Used In Alabama Code > Title 24 > Chapter 11

  • 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. See Alabama Code 24-11-3
  • 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. See Alabama Code 24-11-3
  • authority: A public corporation organized pursuant to this chapter. See Alabama Code 11-101A-2
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • board: The board of directors of an authority. See Alabama Code 11-101A-2
  • county: Any county in the state. See Alabama Code 11-101A-2
  • department: Alabama Department of Revenue. See Alabama Code 24-11-3
  • 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. See Alabama Code 24-11-3
  • FINANCIAL INSTITUTION: Any bank, savings institution, industrial loan association, credit union, or other similar entity authorized to do business and accept deposits in Alabama. See Alabama Code 24-11-3
  • FIRST-TIME AND SECOND CHANCE HOME BUYER: An individual who resides in Alabama and has not owned or purchased, either individually or jointly, a single-family residence during a period of ten years prior to the date of the purchase of a single-family residence. See Alabama Code 24-11-3
  • municipality: An incorporated city or town of the state. See Alabama Code 11-101A-2
  • securities: Bonds, notes, warrants, certificates of indebtedness, or other evidences of indebtedness, including, without limiting the generality of the foregoing, notes issued in anticipation of the sale of any of the foregoing. See Alabama Code 11-101A-2
  • SETTLEMENT STATEMENT: The statement of receipts and disbursements for a transaction related to real estate, including a statement prescribed under the Real Estate Settlement Procedures Act of 1974, 12 U. See Alabama Code 24-11-3
  • SINGLE-FAMILY RESIDENCE: A single-family residence owned and occupied by a first-time and second chance home buyer as the first-time and second chance home buyer's principal residence, which may also include a manufactured home, trailer, mobile home, condominium unit, or cooperative. See Alabama Code 24-11-3