Real estate agency may issue residential property wholesaler registration to individual.
Real estate commissioner must establish by rule a system to register residential property wholesalers, must include procedures for submitting application, timeline, fee
Fees can be a maximum of $300 for the initial issuance of residential property wholesaler registration, and for renewal of residential property wholesaler registration.
Residential property wholesalers mist provide a residential property wholesaler written disclosure to any potential buyers and sellers before entering into a written contract.
Commissioner may revoke or suspend registration if wholesaler pursued a course of material misrepresentation in matters related to residential property wholesaling.
Or, if the wholesale procured or attempted to procure a residential property wholesaler registration by fraud, misrepresentation or deceit, or engaged in any misconduct.
Establishes penalties for violations relating to real estate property wholesaling.
Allows the Commission to issue a cease and desist order for persons who are offering to engage in residential wholesaling property without registering as a wholesaler.
Legislative History
On Feb. 5, 2024, bill was introduced in House; on Feb. 14, 2024, bill passed in House.
On Feb. 15, 2024, bill introduced in Senate; on Feb. 28, 2024, bill passed in Senate.
On Mar. 1, 2024, bill signed by speaker of the House and president of the Senate.
Effectiveness
Unless otherwise stated, ORE bills take effect Jan. 1 after passage, on Jan. 1, 2025.
Mar. 7, 2024 ORE LEG Governor Approval
On Mar. 7, 2024, ORE LEG reported bill on property wholesaler signed by the governor.
