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SB246 INTRODUCED
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SB246
CXSFYQW-1
By Senator Orr
RFD: Fiscal Responsibility and Economic Development
First Read: 03-Feb-26
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CXSFYQW-1 02/03/2026 VSM (L)ma 2025-3181
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First Read: 03-Feb-26
SYNOPSIS:
Existing law does not provide specific consumer
protections for victims of unsolicited
investment-oriented real property solicitations. Also
under existing law, the victim of an unfair service
agreement can file a civil complaint and have a judge
determine damages.
This bill would treat investment-oriented real
property solicitations as transactions similar to
unfair service agreements and would authorize the
Alabama Securities Commission to investigate, regulate,
enforce, and impose civil fines and penalties for
violations of the unfair service agreement's statutes
as well as unsolicited investment-oriented real
property solicitations.
This bill would require unsolicited written
offers to purchase real property to include certain
notices to the owner, allow the owners to opt out of
solicitations, allow cancellation of certain
unsolicited purchase contracts, and provide that
violations are a deceptive trade practice.
This bill would also make nonsubstantive,
technical revisions to update the existing code
language to current style.
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A BILL
TO BE ENTITLED
AN ACT
Relating to consumer protection; to amend Sections
8-42-1, 8-42-2, and 8-42-3, Code of Alabama 1975; to amend
legislative findings to address investment-oriented
solicitations involving real property; to authorize the
Alabama Securities Commission to determine fines and penalties
for violations of unfair service agreements; to add Sections
8-42-1.1, 8-42-1.2, 8-42-1.3, 8-42-4, and 8-42-5 to the Code
of Alabama 1975; to give the Alabama Securities Commission the
power to regulate investment-oriented solicitations to
homeowners, investigate complaints, and impose fines and
penalties on violators; and would also make nonsubstantive,
technical revisions to update the existing code language to
current style.
BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:
Section 1. Sections 8-42-1, 8-42-2, and 8-42-3, Code of
Alabama 1975, are amended to read as follows:
"§8-42-1
The Legislature finds and declares all of the
following:
(1) Wholesaling real property occurs when a buyer
enters into a contract for purchase and sale of a
single-family residential property with the seller , of the
property thereby creating the buyer's equitable interest in
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property thereby creating the buyer's equitable interest in
the property ,. the The buyer then finds a subsequent purchaser
willing to pay a higher price for the property and then
assigns its interest to the subsequent purchaser for a fee.
(2) Certain unfair service agreements provide grant a
real estate company with the right to market, list, or assist
in selling a residential property for up to 40 years, binding
homeowners and successors in interest through a recorded
memorandum and penalizing the homeowner or successor in
interest for breach of the agreement.
(3) The practices of wholesaling residential real
estate , and recording these unfair service agreements , pose a
significant risk to Alabama homeowners if left unregulated.
(4) The lack of any restrictions enables predatory
practices against homeowners, especially those who have lived
in a home for a long period of time, leading to financial loss
and resulting in confusion for unsuspecting subsequent
purchasers.
(5) The Legislature concludes the following in the
interest of protecting Alabama homeowners and home buyers:
a. Disclosure of Buyers engaging in wholesaling should
be required to disclose the limited interest, marketing, and
assignment of the buyer's equitable interest in the
homeowner's property should be required of buyers engaging in
wholesaling .
b. Unfair service agreements create clouds on the
titles of Alabama homes , and burden Alabama homeowners with
false promises, are against the public interest, and
constitute unreasonable restraints on the alienation of real
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constitute unreasonable restraints on the alienation of real
property .
c. Investment-oriented solicitations involving real
property present risks comparable to those of securities
transactions and warrant disclosure-based regulation.
d. Nothing in this section shall be construed to
infringe on the private property rights of an individual to
acquire real property for his or her own use, ownership, or
benefit.
e. Nothing in this section shall be construed to
require an individual to be licensed in order to acquire real
property for his or her own use, ownership, or benefit .
"§8-42-2
(a) A person may acquire an equitable interest in a
single-family residential property as the buyer under a
contract for the purchase and sale of the property and then
may assign or offer to assign the interest for a fee if the
buyer discloses in writing all of the following:
(1) To any potential subsequent purchaser or assignee,
the The nature of the buyer's equitable interest to any
potential purchaser or assignee .
(2) To the seller of the property, the The buyer's
intent to market its equitable interest to the seller of the
property prior to commencing any marketing of the property.
(3) To the seller of the property, the The effective
date of any assignment of the buyer's interest to a subsequent
purchaser of the property to the seller of the property at
least three business days prior to the effective date of any
assignment.
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assignment.
(b) Written disclosure under subsection (a) shall be
required for the intent to market and transfer an equitable
interest in residential real property, as limited by
subsection (d), whether by assignment, novation, or any other
similar method of transferring an interest in real property.
(c)(1) A violation of this section is a Class C
misdemeanor.
(2) In addition to criminal penalties, a person
violating this section may be liable to the person to whom
disclosure is required in an amount equal to three times the
fee or amount received by the buyer pursuant to the assignment
subject to civil fines and penalties as determined by the
commission pursuant to Section 8-42-1.3 .
(3) Enforcement of this section shall be governed by
Section 8-42-1.2.
(d) This section shall only apply to transactions
involving single-family residential property and shall not
apply to any other property transactions .
(e) This section shall not infringe on the right of the
parties to otherwise agree by contract.
(f) This section shall not apply to predevelopment
activity for residential subdivisions, condominiums, or other
residential predevelopment activity.
(g) This section shall not apply to an individual
acquiring real property for his or her own use, ownership, or
benefit unless the individual intentionally acquires the real
property for the benefit of a pass-through entity subject to
this chapter or as a means to circumvent the intent of this
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this chapter or as a means to circumvent the intent of this
chapter. "
"§8-42-3
(a) For purposes of this section the following terms
have the following meanings:
(1) RECORDING. Presenting a document to a county judge
of probate for official placement in the public land records.
(2) RESIDENTIAL REAL ESTATE. Real property located in
this state which is used primarily for a dwelling and contains
one to four dwelling units.
(3) SERVICE AGREEMENT. A contract under which a person
agrees to provide services in connection with the purchase or
sale of residential real estate.
(4) SERVICE PROVIDER. An individual or entity that
provides services to another party under a service agreement.
(5) UNFAIR SERVICE AGREEMENT. A service agreement in
which the services subject to the agreement are not performed
within one year after the date upon which the agreement
commences and provides any of the following:
a. Purports to run with the land or to be binding on
future owners of interests in the real property.
b. Allows for assignment of the right to provide the
service without notice and agreement of the owner of
residential real estate.
c. Purports to create a lien, encumbrance, or other
real property security interest.
(b)(a) This chapter does not apply to any of the
following:
(1) A home warranty or other type of similar product
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(1) A home warranty or other type of similar product
that covers the cost of maintenance of for a major housing
home system, such as plumbing or electrical wiring, for a set
period of time from the date a house is sold.
(2) An insurance contract.
(3) An option to purchase or right of refusal to
purchase real estate.
(4) A maintenance or repair agreement entered into by a
homeowners' association in a common interest community.
(5) Agreements to manage residential real estate.
(6) A declaration of any covenants, conditions, or
restrictions created in the formation of a homeowners'
association, a group of condominium owners, or other common
interest community, or an amendment to the declaration.
(7) A mortgage loan or commitment to make or receive a
mortgage loan.
(8) A security agreement under Alabama's Uniform
Commercial Code, relating to the sale or rental of personal
property or fixtures.
(9) Water, sewer, electrical, telephone, cable, or
other regulated utility service providers.
(c)(b) This section does not impair the rights granted
by a mechanic's or materialman's lien under Division 8 of
Article 5 of Chapter 11 of Title 35 , or by another any other
judicially imposed lien.
(d)(c) If a service agreement is unfair under this
section chapter , it is unenforceable.
(e)(d) If a person enters into an unfair service
agreement with a consumer, that agreement shall be deemed a
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agreement with a consumer, that agreement shall be deemed a
deceptive act under the Deceptive Trade Practices Act,
commencing with Section 8-19-1.
(f)(e)(1) No person shall record or cause to be
recorded an unfair service agreement, or a notice or
memorandum of an unfair service agreement , in the this state.
(2) If an unfair service agreement is recorded in this
state, it the agreement shall not be deemed to provide actual
or constructive notice against an otherwise bona fide
purchaser of the residential real property to which it the
agreement pertains, or against a creditor with a security
interest in the residential real property to which it pertains
that property .
(3) A service provider who records or causes to be
recorded an unfair service agreement , or a notice or
memorandum thereof of an unfair service agreement, in this
state is liable to an affected party for statutory damages in
the amount of ten thousand dollars ($10,000) in statutory
damages .
(g)(f) If an unfair service agreement, or a notice or
memorandum of an unfair service agreement, is recorded in the
state, any party with an interest in the residential real
property to which it the agreement pertains may take either or
both of the following actions:
(1) Apply to the circuit court in the county where the
recording exists is located to seek a court order declaring
the agreement is void and of no effect .
(2) In addition to the statutory damages described in
subdivision (f)(e)(3), recover actual damages, plus costs and
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subdivision (f)(e)(3), recover actual damages, plus costs and
attorney fees as may be proven against the service provider
who recorded the agreement."
Section 2. Sections 8-42-1.1, 8-42-1.2, 8-42-1.3,
8-42-4, and 8-42-5 are added to the Code of Alabama 1975, to
read as follows:
§8-42-1.1
For purposes of this chapter, the following terms have
the following meanings:
(1) COMMISSION. The Alabama Securities Commission.
(2) CONTACT. Any communication delivered by mail,
courier, email, text message, social media message, telephone
call, voicemail, prerecorded message, or similar method.
(3) INVESTMENT-ORIENTED REAL PROPERTY SOLICITATION. Any
communication, offer, agreement, or transaction involving real
property in which the expected economic benefit to the
offeror, directly or indirectly, is derived primarily from
resale, assignment, appreciation, fee extraction, or
contractual arbitrage, rather than occupancy or personal use
by the offeror.
(4) OFFEROR. Any person acting directly or indirectly
on behalf of another person.
(5) RECORDING. Presenting a document to a county judge
of probate for official placement in the public land records.
(6) RESIDENTIAL REAL ESTATE. Real property located in
this state which is used primarily for a dwelling and contains
one to four dwelling units.
(7) SERVICE AGREEMENT. A contract under which a person
agrees to provide services in connection with the purchase or
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agrees to provide services in connection with the purchase or
sale of residential real estate.
(8) SERVICE PROVIDER. An individual or entity that
provides services to another party under a service agreement.
(9) UNFAIR SERVICE AGREEMENT. A service agreement in
which the services subject to the agreement are not performed
within one year after the date upon which the agreement
commences and which provides any of the following:
a. Purports to run with the land or to be binding on
future owners of interests in the real property.
b. Allows for assignment of the right to provide the
service without notice to and agreement of the owner of
residential real estate.
c. Purports to create a lien, encumbrance, or other
real property security interest.
(10) UNSOLICITED. Initiated without an affirmative
request by the property owner within the preceding 12 months
and not made pursuant to an existing written agreement with
the property owner.
§8-42-1.2
(a) The commission shall have authority under this
chapter to administer, implement, and enforce all regulated
conduct, individuals, and entities in this chapter, along with
issuing licenses for these activities. This authority extends
to regulating investment-oriented real estate solicitations,
assignments or offerings of assignments of equitable
interests, recorded service agreements, unfair service
agreements, unsolicited offers, and related practices. This
exclusive authority applies regardless of any license an
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exclusive authority applies regardless of any license an
individual or entity may hold under any other legal provision.
(b) The commission may adopt rules necessary to carry
out this chapter, including, but not limited to, rules
governing:
(1) Consumer complaint intake and resolution
procedures;
(2) Disclosure forms and content;
(3) Examination, reporting, and recordkeeping
requirements;
(4) Any licensing, permitting, or registration program,
and fees established, by rule;
(5) Any renewal, suspension, or revocation program
established, by rule;
(6) Penalty schedules and remedial measures;
(7) Defining additional unfair, deceptive, or abusive
practices; and
(8) Definitions and standards necessary to preclude
circumvention of this chapter.
(c) The commission may:
(1) Conduct investigations and examinations;
(2) Require the production of documents and testimony;
(3) Issue subpoenas;
(4) Issue cease and desist orders;
(5) Suspend, revoke, or condition any license, permit,
or registration established, by rule;
(6) Impose administrative fines and penalties for each
violation;
(7) Order restitution, rescission, disgorgement, or
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(7) Order restitution, rescission, disgorgement, or
other remedial relief;
(8) Prosecute criminal violations where authorized by
law; and
(9) Coordinate with other agencies as authorized by
law.
(d) The commission may bring an action in any court of
appropriate jurisdiction for:
(1) Injunctive or other relief;
(2) Civil penalties;
(3) Restitution, rescission, or disgorgement;
(4) Enforcement of administrative orders;
(5) Recovery of investigative and enforcement costs;
and
(6) Appointment of a receiver.
(e) Nothing in this chapter shall be construed to limit
criminal prosecution under any provision of law or to require
exhaustion of administrative remedies before criminal
enforcement.
(f) Enforcement under this chapter shall be in addition
to, not in lieu of, remedies available under the Deceptive
Trade Practices Act.
(g) Any contractual provision attempting to waive
rights, remedies, or protections under this chapter is void
and unenforceable as against public policy.
(h) The authority granted under this chapter applies to
individual violations as well as to patterns or practices of
conduct, whether arising under a single section or multiple
sections of this chapter.
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sections of this chapter.
(i) The existence or nonexistence of an enforcement
action by the commission or other governmental agency pursuant
to this section shall not bar, delay or diminish any private
right of action.
§8-42-1.3
(a) The commission may impose administrative fines and
penalties per violation. The civil penalty shall not exceed
one million dollars ($1,000,000) per violation, provided that
the aggregate civil penalty assessed in a single
administrative order shall not exceed one hundred million
dollars ($100,000,000). Each day an act, omission, or
violation continues shall constitute a separate violation.
(b) In determining the amount of any civil penalty, the
commission shall consider all relevant factors, including:
(1) The nature, gravity, and duration of the violation,
including any irreparable harm or risk of harm to property
owners;
(2) The degree of culpability, intent, or recklessness
demonstrated by the violator;
(3) The facts, circumstances, and conduct in connection
with the investment-oriented real estate activity at issue;
(4) The economic benefit, compensation, or other
financial gain obtained, directly or indirectly, as a result
of the violation;
(5) Any prior history of violations of this act, the
Alabama Securities Act, or related consumer protection laws;
and
(6) The violator's ability to pay the assessed penalty.
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(6) The violator's ability to pay the assessed penalty.
(c) Civil penalties under this section may be assessed
for any violation occurring within five years after the
discovery of the fraud.
(d) All civil penalties recovered under this section ,
except for amounts representing the reasonable costs incurred
by the commission in the investigation and enforcement of
violations, shall be deposited into a consumer recovery fund
which shall be administered by the commission. The fund shall
be budgeted and allotted in accordance with Article 4 of
Chapter 4 of Title 41 and Chapter 19 of Title 41. Money in the
fund shall only be used to compensate individuals for economic
losses resulting from fraudulent conveyances.
§8-42-4
(a) This section shall govern every unsolicited
electronic, telephonic, or video communication, or written
inquiry, solicitation, or mailing by any individual or entity,
whether acting as a principal, investor, intermediary, or
agent, that makes an investment-oriented real property
solicitation and that expresses an interest in any of the
following:
(1) Buying real property or an option to buy real
property from the addressee.
(2) Buying the real property to which the written
inquiry or mailing is addressed.
(3) Offering services relating to the sale of real
estate.
(b) Any unsolicited communication or solicitation
governed by this section that constitutes an
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governed by this section that constitutes an
investment-oriented real property solicitation by any
individual or entity that expresses an interest in: (i) buying
real property or an option to buy real property from the
addressee; (ii) buying the real property to which such written
inquiry or mailing is addressed; or (iii) offering services
relating to the sale of real estate, shall include the
following:
(1) At the top and at least two inches from any other
text in the written inquiry or mailing, the following notice
in capital letters: "THIS IS A SOLICITATION. THE SENDER IS
CONTACTING YOU TO INQUIRE ABOUT YOUR INTEREST IN SELLING YOUR
HOME OR OTHER REAL ESTATE. YOU ARE NOT OBLIGATED TO RESPOND."
(2) If the solicitation includes a monetary offer,
after the text required in subdivision (1), the following
notice in capital letters: "THIS OFFER MAY OR MAY NOT BE THE
FAIR MARKET VALUE OF THE PROPERTY."
(3) If the solicitation includes a monetary offer less
than the previous year's assessed value for ad valorem taxes
set by the county tax assessor for the county where the
property is located, following the text required in
subdivision (2), the following notice in capital letters:
"THIS OFFER IS LESS THAN THE COUNTY ASSESSED VALUE FOR THIS
PROPERTY."
(4) On the front of the envelope or, if there is no
envelope, on the part of the written inquiry or mailing that
bears the postage stamp or postage amount, the following
notice in capital letters: "SOLICITATION. YOU ARE UNDER NO
OBLIGATION TO OPEN OR TO RESPOND."
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OBLIGATION TO OPEN OR TO RESPOND."
(5) On the front of the envelope or, if there is no
envelope, on the part of the written inquiry or mailing that
bears the postage stamp or postage amount, the following
notice in capital letters: "YOU ARE ENCOURAGED TO SEEK
GUIDANCE FROM A LICENSED REAL ESTATE AGENT OR ATTORNEY OF YOUR
CHOOSING."
(6) The notices required in subdivisions (1) and (2)
shall be:
a. In a font that matches the majority of the text of
the written inquiry or mailing;
b. At least the size of the text of the written inquiry
or mailing, and in any case no smaller than 16-point font; and
c. Displayed in a distinctly contrasting color.
(c) If an offeror makes an unsolicited offer to buy
real property by sending a written agreement or purchase
contract via mail or electronic means to an offeree, and the
offeror does not use the assistance of a broker or brokerage
service, as defined in Chapter 27 of Title 34, or a licensed
attorney, as defined in Chapter 3 of Title 34, then the
offeree may cancel the agreement or contract by mailing
written notice of cancellation to the offeror, postmarked no
later than 30 days from the date of the confirmation letter
described in this section.
(d) An unsolicited offer to buy real property delivered
by mail or electronic means is not considered accepted by the
offeree until:
(1) The offeree signs the agreement or contract;
(2) The offeror receives the signed agreement or
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(2) The offeror receives the signed agreement or
contract; and
(3) The offeror mails or electronically transmits a
confirmation letter to the offeree confirming receipt of the
signed agreement or contract, explaining the offeree's right
to cancel, describing how to cancel, and stating the
cancellation deadline.
(e) Cancellation of the agreement or contract by the
offeree under this section shall not result in any penalty to
the offeree. Any agreement or contract that penalizes an
offeree for canceling within the prescribed 30-day period is
void. The offeree shall return all payments received from the
offeror no later than 30 days after cancellation.
(f) A third-party buyer who purchases the real property
from the offeror before the offeree's right to cancel expires
takes title subject to that right. If the offeree exercises
the right to cancel, the title acquired by the third-party
buyer becomes void, and title reverts immediately to the
offeree. Such reversion shall occur by operation of law, and
any conveyance derived from the voided title is likewise void.
(g) Violations of this section shall be enforced in
accordance with Section 8-42-1.2.
(h) This chapter does not apply to properties that are:
(i) subject to an active written listing agreement with a
licensed real estate broker; (ii) marketed for sale by the
property owner or to an individual attempting to acquire an
interest in real estate from another person with whom he or
she has an existing business or personal relationship; (iii)
or where the property interest being acquired is for his or
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or where the property interest being acquired is for his or
her personal use or benefit.
§8-42-5
(a) This section applies to any individual or entity
that makes an investment-oriented real property solicitation
that makes an unsolicited written, electronic, or telephonic
communication to a property owner for the purpose of doing any
of the following:
(1) Making an offer to purchase real property;
(2) Securing an option to purchase real property; or
(3) Soliciting services relating to the sale of real
property.
(b)(1) No person or entity shall make more than three
unsolicited communications to the same property owner
regarding the same parcel of real property within any 12-month
period.
(2) Each of the following constitutes a separate
unsolicited communication:
a. A written mailing or delivery;
b. An electronic message, including email or text
message; and
c. A telephonic communication, including voicemail.
(3) Multiple communications made within a seven-day
period shall be considered one communication for purposes of
this section.
(c)(1) Each unsolicited communication shall include a
clear and conspicuous method by which the property owner may
opt out of further communications from that person or entity.
(2) Upon receipt of an opt-out request, the person or
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SB246 INTRODUCED
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(2) Upon receipt of an opt-out request, the person or
entity shall cease all further unsolicited communications
regarding the property and honor the opt-out for a minimum of
five years.
(3) Any unsolicited communication made after receipt of
an opt-out request constitutes a separate violation.
(d) It shall be a violation of this chapter to:
(1) Use multiple affiliated entities or agents to
circumvent the requirements of this section;
(2) Recharacterize substantially similar offers to
circumvent the 12-month limitation; or
(3) Engage in harassment, coercion, or repeated
communication intended to pressure a property owner.
(e)(1) A person subject to this section shall maintain
records sufficient to demonstrate compliance, including:
a. Dates and methods of communication;
b. Identity of the communicating party; and
c. Opt-out requests received.
(2) Records shall be retained for not less than five
years and shall be subject to examination by the Alabama
Securities Commission.
(f) Violations of this section shall be enforced in
accordance with Section 8-42-1.2.
(g) Nothing in this section shall be construed to
prohibit a single, good-faith, unsolicited offer that complies
with this chapter or restrict communications initiated by the
property owner.
Section 3. This act shall become effective on October
1, 2026.
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