SPONSOR: Brown
Under this bill, before entering into a contract that transfers an interest in residential real property, a wholesaler, as defined in the bill, acting as a grantee or a wholesaler's representative, must provide to the property owner a written disclosure statement. Requirements for the disclosure are described in the bill. A wholesaler acting as a grantee must not enter into a binding contract that transfers an interest in residential property until both the wholesaler and the property owner sign and date the disclosure statement. If the wholesaler acting as the grantee fails to make the disclosure before entering into the contract that transfers interest in the property, the owner of the property can cancel the contract before the close of the escrow without penalty and the escrow agent will disburse any earnest money paid by the wholesaler to the owner within 30 days after the cancellation. Provisions of the bill must not be modified or waived by any agreement. Any portion of an agreement executed, modified, or extended after the effective date of the bill that modifies or waives provisions of the bill will be null and void. Any violation of the bill will be considered an unlawful practice under the Missouri Merchandising Practices Act. A party that enters into an agreement without receiving the disclosure under the bill may bring a private action against a wholesaler. The Attorney General will enforce provisions of the bill. For any violations, the Attorney General must commence a civil action. If the court finds that a violation occurred, the court may grant relief as described in the bill.
This bill is similar to SB 973 (2026).
Statutes affected: