The bill amends sections 4735.18 and 4735.24 of the Revised Code and enacts section 5301.95, focusing on the regulation of real estate wholesalers in Ohio. It introduces disciplinary actions for real estate licensees who do not comply with the new section 5301.95 while acting as wholesalers of residential real property. The bill outlines specific violations that can lead to sanctions, such as failing to maintain proper trust accounts and not adhering to the new requirements. It also clarifies definitions for "residential real property" and "wholesaler," establishing a framework for wholesaler operations, which includes buildings with one to four dwelling units.

Furthermore, the bill mandates that wholesalers provide a conspicuous written disclosure statement to the record owner before entering into a binding contract, detailing the owner's rights and the wholesaler's role, including the potential for assignment of the contract to a third party without consent. It allows record owners to cancel contracts without penalty if the required disclosures are not provided and establishes that modifications to these requirements cannot be waived. Violations are classified as unfair or deceptive acts, enabling affected parties to seek legal recourse. The bill repeals the existing sections 4735.18 and 4735.24, indicating a significant update to the legal framework governing real estate transactions involving wholesalers.

Statutes affected:
As Introduced: 4735.18, 4735.24
As Reported By Senate Committee: 4735.18, 4735.24
As Passed By Senate: 4735.18, 4735.24