The bill 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 outlines the roles and responsibilities of wholesalers 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 without penalty. Additionally, it prohibits wholesalers from acting as advisors or consultants without proper licensing and from placing liens on properties.

Furthermore, the bill stipulates that any contract used by a wholesaler must include specific information, such as the wholesaler's contact details, the terms of payment, and a notice regarding the homeowner's cancellation rights. Failure to comply with these disclosure requirements will render the contract invalid and unenforceable by the wholesaler. The Oklahoma Real Estate Commission is tasked with creating a notice of cancellation form to be provided to homeowners at no cost, and the Commission will also establish rules to implement these provisions. The act is set to take effect on November 1, 2025.