This bill establishes a licensure requirement for individuals engaging in wholesale transactions involving residential properties in New Jersey, defined as properties with one to four dwelling units. It mandates that such individuals must be licensed as a real estate broker, salesperson, or broker-salesperson. The bill outlines the definition of a wholesale transaction as promoting the sale, exchange, or purchase of an equitable interest in residential property with the intent to transfer that interest for a fee without taking title as the owner of record.

Furthermore, the bill grants consumers specific rights in contracts for wholesale transactions, including the right to cancel the agreement until midnight of the 30th day after execution or until conveyance, whichever comes first. Consumers who cancel will not be liable for damages, and all payments made will be refunded within ten business days. The bill also requires that sales agreements include certain disclosures, such as the nature of the transaction and the consumer's rights, which the New Jersey Real Estate Commission will regulate.