On Jul. 3, PEN LEG passed bill on real estate wholesale transactions.
PEN LEG passed bill SB 1173 amending the Real Estate Licensing and Registration Act (PEN LEG P.L. 15 No. 9), providing for definitions, exclusion for wholesale transactions.
Rule Amendments
Amended PEN LEG P.L. 15 No. 9-2 (Definitions) by revising definitions broker and salesperson; added definitions of residential property and wholesale transaction.
Added new Section 610 on rights by consumer who is party to wholesale transaction to cancel sales agreements or sales contracts, within 30 days after agreement executed.
Requirements for what sales agreement or sales contract for wholesale transaction must prominently include; disclosed in manner and method established by regulation.
Legislative History
On Apr. 22, 24, bill introduced into Senate; on Jun. 4, 2024, bill passed the Senate.
On Jun. 5, 2024, bill introduced into House; on Jul. 1, 2024, bill passed the House.
On Jul. 2, 2024, Senate approved House amendments; on Jul. 3, sent to governor.
Effectiveness
Act will take effect in 180 days.
Jul. 2024 PEN LEG Bill Approval
On Jul. 8, 2024, PEN LEG reported bill approval by governor, became Act 52 of 2024.
