Alabama § 24-11-4 - Establishment and Use of First-Time and Second Chance Home Buyer Savings Account.
Full text of Alabama Code of Alabama § 24-11-4 — Establishment and Use of First-Time and Second Chance Home Buyer Savings Account., with citation guidance and answers to common questions.
§ 24-11-4. 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 first-time and second chance home buyer savings account. Subject to the limitations of Section 24-11-7, persons other than the account holder may contribute funds to a first-time and second chance home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a first-time and second chance home buyer savings account.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 24-11-4
What does Code of Alabama § 24-11-4 cover?
Section 24-11-4 ("Establishment and Use of First-Time and Second Chance Home Buyer Savings Account.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 24-11-4?
A common citation format is "Code of Alabama § 24-11-4" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 24-11-4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.