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 sanctions for real estate licensees who do not comply with the new requirements outlined in section 5301.95, which includes various violations such as misrepresentation and failure to maintain proper records. The bill also modifies existing regulations regarding earnest money, requiring brokers to manage it according to the terms of the purchase agreement until specific conditions are met, thereby emphasizing their responsibilities in real estate transactions.

Furthermore, the bill establishes new regulations for wholesalers, defining their role and requiring them to provide a conspicuous written disclosure statement to the record owner before entering into a binding contract. This disclosure must be clearly printed and signed by both parties, allowing the record owner to cancel the contract without penalty if the disclosure is not provided. The bill also states that any modifications to the disclosure requirements are void and considers violations as unfair or deceptive acts, enabling affected parties to seek legal recourse. Additionally, it repeals the existing sections 4735.18 and 4735.24, signifying a comprehensive update to the legal framework governing wholesaler transactions in residential real estate.

Statutes affected:
As Introduced: 4735.18, 4735.24