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Alabama Senate committee gives favorable report to bill to regulate real estate wholesalers
Summary
A Senate committee advanced HB586, a bill to bring real estate wholesalers under licensing and oversight. Supporters said the measure protects elderly homeowners from deceptive practices; opponents, including investors and the Realtors association, warned the drafting is overbroad and risks removing consumer choice.
An Alabama Senate committee voted to give HB586 a favorable report after a brief hearing in which supporters described the bill as consumer protection for elderly homeowners and opponents warned the measure could overreach and limit homeowners’ choices.
Representative Rolanda Hollis, testifying as a long‑time Realtor, said wholesalers often misrepresent themselves and take advantage of people who do not understand real estate transactions. "They do lie... and when they don't know what to do, they've taken the folks' money and they're stuck," Hollis said, describing instances in which she said seniors lost equity because they did not understand wholesaling arrangements. Hollis told committee members many Realtors…
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