HB416 Summary

• Increases the renewal research and education fee for Alabama real estate brokers and salespersons from $2.50 to $7.50 per year, effective June 1, 2014.

• Requires all proceeds from the increased $7.50 renewal research and education fee to be distributed to the Alabama Center for Real Estate.

• Maintains the existing fee collection structure whereby the fee is paid at the time of license renewal by all brokers and salespersons in addition to standard license renewal fees.

• Preserves the exemption for brokers holding multiple licenses, who pay the fee for only one license at each renewal.

• Becomes effective immediately upon passage and approval by the Governor.