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 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 the 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 provide specific cancellation rights to sellers and buyers involved in wholesale and assignment contracts. Sellers retain a three-day period to review contracts and may cancel without reason during this time.

Additionally, the bill includes provisions for penalties for violations of the new requirements, with fines of $500 for a first offense and $1,000 for subsequent offenses. If a person receives any money or equivalent as a fee or profit due to a violation, they may also 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, ensuring that all parties involved in the wholesaling of real estate are properly licensed and informed of their rights and obligations.