The bill amends sections 4735.18 and 4735.24 of the Revised Code and enacts section 5301.95, which regulates real estate wholesalers in Ohio. It introduces disciplinary sanctions for real estate licensees who do not comply with the new requirements outlined in section 5301.95 while acting as wholesalers of residential real property. The Ohio real estate commission is also empowered to impose sanctions on brokers who are aware of any violations committed by their salespersons. Additionally, the bill sets forth guidelines for handling earnest money in real estate transactions, particularly regarding disbursement when a transaction is canceled by the record owner.

New definitions and requirements for wholesalers are established, including a clear definition of a "wholesaler" and the obligation to provide a written disclosure statement to the record owner before entering into a binding contract. This disclosure must be signed and dated by both parties. The bill imposes penalties for non-compliance, allowing the record owner to cancel the contract without penalty prior to closing, and renders any agreements that attempt to waive these disclosure requirements void. Violations are classified as unfair or deceptive acts, enabling affected parties to seek legal recourse. The bill also repeals the existing sections 4735.18 and 4735.24, signifying a comprehensive update to the regulatory framework for real estate 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
As Reported By House Committee: 4735.18, 4735.24
As Passed By House: 4735.18, 4735.24