The proposed bill, General Assembly Committee Bill No. 5572, aims to establish a regulatory framework for real estate wholesalers and their contracts in Connecticut, effective October 1, 2025. It defines key terms such as "real estate wholesaler" and "real estate wholesale contract," and mandates that individuals must obtain a real estate wholesaler license from the Department of Consumer Protection to operate in the state, with an application fee of $285. However, those entering into no more than one wholesale contract per calendar year are exempt from this licensing requirement. The bill also stipulates that each wholesale contract must include specific provisions, such as a ten-day review period for sellers and a clear statement advising them to consult legal or real estate professionals.

Additionally, the bill sets a maximum closing date of seventy days for wholesale contracts, which can be extended only through written agreement by all parties involved. The Commissioner of Consumer Protection is granted the authority to adopt regulations to enforce these provisions, and violations of the bill's terms will be classified as unfair or deceptive trade practices. Overall, the legislation seeks to enhance consumer protection and ensure transparency in real estate transactions involving wholesalers.