AL HB586

Establishes the Alabama Property Deception Prevention Act requiring real estate wholesalers to be licensed by the Alabama Real Estate Commission and provide written disclosures to sellers and buyers about their equitable interest status, intent to market/assign contracts, and assignment effective dates

Grants the Alabama Securities Commission concurrent jurisdiction with the Alabama Real Estate Commission to investigate, regulate, and prosecute deceptive real estate wholesaling and investment-oriented property solicitations

Requires unsolicited investment-oriented real property solicitations to include consumer protection disclosures warning that offers may be below fair market value and encouraging owners to consult licensed agents or attorneys

Provides sellers who enter contracts from unsolicited offers without professional assistance a 7-day rescission period before closing, with no penalties for cancellation and mandatory return of funds within 7 days

Authorizes civil penalties up to $100,000 per violation ($10 million aggregate per administrative order) for violations, with factors including harm severity, culpability, economic benefit gained, and prior violation history