Senate Bill No. 1075 amends the Oklahoma Real Estate License Code to introduce new regulations specifically targeting real estate wholesalers. The bill defines key terms such as "wholesaler," "business day," "contract," and "homeowner," and establishes requirements for wholesalers to provide written disclosures to homeowners before executing contracts. These disclosures must inform homeowners of the wholesaler's intent to assign or sell their equitable interest in the property, the right to cancel the contract within two business days without penalty, and a recommendation to seek legal advice. Additionally, the bill prohibits wholesalers from acting as advisors or misrepresenting their qualifications and requires contracts to include specific information and notices regarding cancellation rights.

The legislation also stipulates that any failure to include the required disclosures will render the contract invalid and unenforceable by the wholesaler, allowing homeowners to reclaim any earnest money deposits. The Oklahoma Real Estate Commission is tasked with creating a notice of cancellation form to be provided to homeowners at no cost and is authorized to promulgate rules necessary for the implementation of these provisions. The bill is set to take effect on November 1, 2025.