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 a definition of "wholesaler" and outlines their responsibilities, including the requirement to provide a conspicuous written disclosure statement to the record owner before entering into a binding contract for residential real property. This disclosure must be printed in boldface type and a specified font size, emphasizing the legal obligations of wholesalers and the consequences of non-compliance. The bill also expands disciplinary actions against real estate licensees, including wholesalers, for various violations and mandates compliance with the new section 5301.95.

Additionally, the bill establishes that a contract to acquire residential property cannot be executed without a signed and dated disclosure statement from both the record owner and the wholesaler, clarifying the wholesaler's role and the owner's right to seek legal advice. If the required disclosures are not provided, the property owner can cancel the contract without penalty before closing, with any earnest money returned within thirty days. The bill also voids any modifications or waivers of the disclosure requirements and classifies violations as unfair or deceptive acts, allowing for legal recourse. Existing sections 4735.18 and 4735.24 are repealed as part of this legislation.

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
As Enrolled: 4735.18, 4735.24