The bill SB212 Engrossed amends various sections of the Code of Alabama 1975 to enhance regulations surrounding real estate transactions. Key insertions include new definitions for "Buyer's Agreement," "Listing Agreement," and "Team," which clarify the relationships between real estate companies and their clients. The bill imposes limitations on co-brokerage agreements with out-of-state brokers, including caps on transaction numbers and values, and mandates that all such agreements include specific provisions regarding supervision and advertising. Additionally, it introduces requirements for written brokerage agreements and agency disclosures, emphasizing the responsibilities of qualifying brokers and licensees.

Furthermore, the bill modifies licensing requirements, stipulating that applicants with revoked licenses in other states must obtain approval from the commissioners to be licensed in Alabama. It also establishes guidelines for real estate teams, including the designation of a team leader and the requirement for advertising to include team member names and company affiliation. The bill enhances penalties for violations, increasing fines and allowing for additional sanctions such as mandatory education courses. Overall, SB212 aims to improve transparency, accountability, and consumer protection in Alabama's real estate industry, with an effective date set for October 1, 2025.

Statutes affected:
Introduced: 34-27-39
Engrossed: 34-27-39