The bill amends existing laws regarding real estate brokers and salespersons by introducing new definitions and requirements for individuals engaged in the wholesaling of real property. It establishes that a "wholesaler" is a person who engages or assists individuals or entities in securing, negotiating, or facilitating the sale of real estate for the primary purpose of transferring, assigning, or selling their equitable interest in the property for financial gain, without taking legal ownership, more than once in any period of twelve months.

The bill outlines the licensing requirements for wholesalers, stating that they must possess a valid real estate license issued by the department of business regulation or qualify for an exemption. It mandates that wholesalers disclose their equitable interest in the property and provide specific cancellation rights to both sellers and buyers involved in wholesale and assignment contracts. Sellers retain a period of three business days to review the contract and may cancel it without reason during this period.

Additionally, the bill introduces penalties for violations of the new provisions, including fines of $500 for a first offense and $1,000 for subsequent offenses, as well as civil liability for any fees or profits received in violation of the chapter. The act is set to take effect on January 1, 2027, ensuring that individuals involved in the wholesaling of real estate are properly licensed and adhere to the established regulations to protect consumers in real estate transactions.