Alabama Real Estate Commission; license required for real estate wholesalers, real estate wholesalers and unsolicited real property solicitors must provide disclosures, Alabama Securities Commission, authorized to enforce, penalties imposed for violations

Summary

The bill adds new rules that anyone who buys a home contract and then assigns that interest for a fee must be licensed by the Alabama Real Estate Commission and must provide written disclosures to sellers and subsequent buyers. It also gives the Alabama Securities Commission shared authority to enforce the rules and impose penalties. The goal is to protect homeowners, especially vulnerable seniors, from predatory wholesale schemes.

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