AL SB246

Authorizes the Alabama Securities Commission to regulate investment-oriented real property solicitations, investigate complaints, and impose civil penalties up to $1 million per violation (with a $100 million aggregate cap per administrative order)

Requires unsolicited written offers to purchase real property to include mandatory disclosure notices stating the communication is a solicitation, that the offer may not reflect fair market value, and that property owners should consult a licensed agent or attorney

Grants property owners a 30-day cancellation period for unsolicited purchase contracts received by mail or electronic means when no broker or attorney is involved, with automatic title reversion if the owner cancels after a third-party sale

Limits unsolicited communications to three per property owner per 12-month period, requires opt-out mechanisms honored for five years, and prohibits using multiple entities to circumvent contact restrictions

Declares unfair service agreements (those binding future owners for up to 40 years or creating liens without owner consent) unenforceable and subjects violators to $10,000 statutory damages plus actual damages and attorney fees