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 defined as 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 twelve-month period.

The bill outlines licensing requirements for wholesalers, stating that no person shall enter into a wholesale contract or assignment contract of real estate unless they possess a valid, active real estate license or qualify for an exemption. It mandates that wholesalers disclose their equitable interest in the property and the terms of the contracts to both sellers and buyers. Additionally, it includes a three-day cancellation period for both parties, allowing them to review the contract with an attorney or advisor and cancel without penalty.

The bill also introduces penalties for violations of these new provisions, with fines of $500 for a first offense and $1,000 for subsequent offenses. If a person receives any money or compensation as a result of a violation, they may be civilly liable for an amount equal to the sum received, up to three times that amount.

The act is set to take effect on January 1, 2027, providing time for stakeholders to adjust to the new regulations.