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

This bill requires real estate wholesalers and unsolicited property solicitors in Alabama to obtain a license from the Alabama Real Estate Commission and provide specific written disclosures to sellers and buyers about the nature of their transactions. The law defines real estate wholesaling as a practice where a buyer contracts with a homeowner to purchase a property and then assigns that interest to another buyer for a fee, requiring clear statements that the wholesaler does not own the property and intends to market or assign the interest. Both the Alabama Real Estate Commission and the Alabama Securities Commission will have shared authority to enforce these rules, with violations potentially resulting in fines, penalties, and rescission of certain contracts. The legislation specifically targets single-family residential properties and aims to increase transparency in transactions that could otherwise harm vulnerable homeowners.