House Bill No. [insert bill number] aims to regulate the wholesale of residential real properties in Louisiana by enacting new definitions and requirements for wholesalers. The bill introduces definitions for "residential real property," "wholesaler," and "wholesaling," clarifying that residential real property includes buildings with one to four dwelling units intended for single-family occupancy. It mandates that wholesalers must provide written disclosures to sellers before executing contracts, including their intent to sell contractual rights for a profit, the recommendation for sellers to seek legal advice, and the seller's right to cancel the agreement within fourteen days without penalty.

Additionally, the bill prohibits wholesalers from misrepresenting their role, claiming unlicensed status, or engaging in deceptive practices. It establishes that any contract involving wholesaling can be voided by the seller if required disclosures are not included, and it ensures that earnest money deposits are returned upon cancellation. The Louisiana Real Estate Commission is tasked with maintaining a mandatory cancellation notice form to be provided to sellers at no cost. Violations of these provisions are classified as unfair trade practices and can be enforced by the attorney general and the commission. The bill does not apply to contracts completed before its effective date.