The proposed bill introduces the West Virginia Abolishment of Wholesaling Act, which aims to abolish and prohibit the practice of wholesaling in the state. It establishes definitions relevant to the act, including terms such as "real estate broker," "real estate salesperson," and "wholesaler." The bill specifies that wholesaling involves making income or profit from the transfer of equitable interests in residential real property, defined as properties with fewer than five dwelling units. The legislation explicitly states that wholesaling is illegal in West Virginia and outlines the consequences for engaging in such practices, including the ability for sellers and buyers to cancel contracts without penalty if wholesaling is involved.

Additionally, the bill provides exceptions to the definitions of "real estate broker" and "real estate salesperson," allowing certain individuals and entities, such as bona fide owners or lessors, attorneys, auctioneers, and public officers, to perform specific acts related to real estate without being classified as brokers or salespersons. The Real Estate Commission is tasked with making rulings regarding the prohibitions outlined in the bill. Overall, the legislation seeks to regulate the real estate market in West Virginia by eliminating wholesaling and protecting consumers from potential exploitation in real estate transactions.

Statutes affected:
Introduced Version: 30-40A-1, 30-40A-2, 30-40A-3