Bill No. 1075 amends the Oklahoma Real Estate License Code to introduce new definitions and regulations specifically targeting wholesalers in the residential real estate market. Key insertions include the definitions of "business day," "contract," "homeowner," and "wholesaler," which clarify the roles and responsibilities of parties involved in real estate transactions. The bill mandates that wholesalers must provide written disclosures to homeowners regarding their intent to assign or sell their equitable interest in a property, the right to seek legal advice, and the right to cancel the contract within seven business days. Additionally, it prohibits wholesalers from acting as advisors without proper representation and from placing liens on properties.

The bill also outlines specific requirements for contracts used by wholesalers, including necessary disclosures and a notice of cancellation that must be prominently displayed. Failure to comply with these requirements will render contracts invalid and unenforceable, allowing homeowners to reclaim any earnest money deposits. The Oklahoma Real Estate Commission is tasked with creating a notice of cancellation form and promulgating rules to enforce these provisions. The act is set to take effect on November 1, 2025.