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.

Statutes affected:
Introduced: 8-42-1, 8-42-2, 8-42-3, 8-42-1, 8-42-2, 8-42-1, 8-42-1, 8-42-3, 8-19-1, 8-42-1, 8-42-1, 8-42-1, 8-42-4, 8-42-5