SB342 Summary

• Increases the renewal research and education fee for Alabama Real Estate Commission licenses from $2.50 per year to $7.50 per year, effective October 1, 2014.

• Current fee of $2.50 per year remains in effect through September 30, 2014.

• Directs all proceeds from the increased $7.50 fee to be distributed to the Alabama Center for Real Estate.

• Applies to all brokers and salespersons renewing their licenses; brokers holding multiple licenses pay the fee for only one license at each renewal.

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