HB397 Alabama 2025 Session

Summary

Primary Sponsor

Patrick Sellers Representative

Democrat

Session

2025 Regular Session

Title

Real Estate Commission; to authorize disciplinary actions against a licensee for not making certain required disclosures and failing to give proper notice of an equitable interest assignment

Description

Under existing law the Alabama Real Estate Commission may investigate formal complaints made against a licensee, revoke or suspend his or her license, impose a fine, or reprimand the licensee if he or she is found guilty of a disciplinary infraction.

This bill would authorize the commission to take disciplinary action against a licensee for selling, offering to sell, assigning, or offering to assign an equitable interest in a contract to purchase residential real estate and not disclosing to a potential buyer that the seller is not the deed holder.

This bill would further provide for disciplinary actions against a licensee for failure to disclose in writing to a seller, the buyer's intent to assign an equitable interest in the seller's property prior to the assignment, to provide prior notice of at least three business days of the effective date of the assignment, and to set a closing date with no automatic extension.

This bill would further provide for additional definitions.

HB397 INTRODUCED.

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Subjects

Property & Estates