Bill > SB292

This bill, titled the "Alabama Property Protection Act of 2026," aims to combat title fraud and protect property owners by establishing new regulations and enforcement mechanisms. The Alabama Securities Commission (the "commission") is granted broad authority to investigate claims of fraudulent real estate conveyances, adopt rules for complaint resolution and disclosure, and impose penalties. The act creates an "Alabama Title Fraud Recovery Fund" to compensate victims, and allows for the forfeiture of proceeds from fraudulent transactions, with certain exceptions for financial institutions and government entities. It also introduces specific requirements for real estate agents and settlement agents, such as verifying seller identification and ownership records, and places obligations on online real estate platforms to verify ownership information before listing properties. Furthermore, the bill enhances existing legal processes, including an expedited quiet title action for fraudulent conveyance claims and clarifies penalties for offering false instruments for recording, while also amending notary public laws to address remote notarization requirements and limitations.

Business and Industry, Justice

https://alison.legislature.state.al.us/bill-search