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 aims to protect consumers in real estate transactions, especially those involving "real estate wholesaling" and unsolicited offers. It defines key terms like "equitable interest" and "real estate wholesaling," requiring wholesalers to be licensed and provide specific disclosures to both sellers and subsequent purchasers. The bill also grants the Alabama Securities Commission concurrent jurisdiction with the Alabama Real Estate Commission to regulate real estate wholesaling and enforce new disclosure requirements for investment-oriented solicitations, with penalties for violations and a right for sellers to rescind certain unsolicited contracts.

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