This 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 the terms of the contract to both sellers and buyers, including a three-day cancellation period for both parties, during which they may cancel the contract without providing a reason or incurring any penalty.

Additionally, the bill introduces penalties for violations of the new provisions, with fines of $500 for a first offense and $1,000 for subsequent offenses. It specifies that any fees or profits obtained through violations may result in civil liability, with the liable party required to pay an amount equal to the sum received, but not more than three times that amount, as determined by the court.

The act is set to take effect on January 1, 2027, and aims to regulate the practice of wholesaling in real estate to ensure transparency and protect consumers.