§ 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
  • 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.
  • 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
  • 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