A
public hearing will be held on
Proposed Rule Amendment 790-X-3-.03 - Deposit of Funds on
June 18, 2026, at 9:00 a.m., during the regularly scheduled Commission meeting at
1201 Carmichael Way, Montgomery, AL 36106. Anyone wishing to comment on the proposed rule
amendment, may do so at the public hearing.
Written comments should be addressed to Dr. Vaughn T. Poe, Executive Director,
Alabama Real Estate Commission, 1201 Carmichael Way, Montgomery, AL 36106. Comments
may also be emailed to arec@arec.alabama.gov
or faxed to 334-270-9118.
The deadline for written comments is 4:30 p.m. Monday, July 13, 2026.
Substance of Proposed Action: This rule requires a company holding earnest money for a failed transaction to
return the earnest money to the buyer after the expiration of 90 days of the date
the transaction was required to close, unless the parties mutually agree otherwise
or the qualifying broker has been put on notice that the earnest money is the
subject of a court proceeding. It provides a disclaimer to be placed in purchase
agreements to notify consumers of the requirement. For purchase agreements that
were entered prior to the rule going into effect, the 90-day timeframe is extended to one year.