HB667 Summary

• Amends Code of Alabama Sections 34-27-4 and 34-27-31 to expand fund disbursement from the Alabama Real Estate Commission to include the University of South Alabama Center of Real Estate Studies and a center for real estate studies at Auburn University (upon establishment).

• Requires quarterly disbursement of proportionate shares from the Real Estate Commission Proportionate Fund to University of Alabama, University of South Alabama, and Auburn University (when created) without reducing funds to University of Alabama.

• Directs that one-half of interest and investment income from the Real Estate Recovery Fund go to University of Alabama and one-eighth each to University of South Alabama and Auburn University (when established).

• Permits the commission to make a one-time transfer from the Real Estate Recovery Fund to University of Alabama only if the fund balance remains above $600,000.

• Takes effect on the first day of the third month following passage and approval by the Governor.