The proposed legislation, General Assembly Substitute Bill No. 5572, aims to regulate real estate wholesalers and the contracts they enter into. Effective October 1, 2025, the bill defines key terms such as "real estate wholesaler" and "real estate wholesale contract." It establishes that individuals must obtain a real estate wholesaler license from the Department of Consumer Protection to operate in this capacity, with an application fee of $285. However, those who enter into no more than one wholesale contract in a calendar year are exempt from this licensing requirement.

Additionally, the bill mandates that each real estate wholesale contract must include specific elements, such as the wholesaler's name and license number, a provision allowing sellers a ten-day period to have the contract reviewed by an attorney, and a clear statement advising sellers to consult professionals. The contracts cannot stipulate a closing date more than seventy days after execution unless extended in writing by all parties. Violations of these provisions will be classified as unfair or deceptive trade practices. The Commissioner of Consumer Protection is also granted the authority to adopt regulations to implement these new requirements.