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 rights of sellers and buyers in contracts involving wholesaling, allowing them to cancel such contracts without penalty before the close of escrow.

Additionally, the bill provides exceptions to the definitions of "real estate broker" and "real estate salesperson," including certain individuals and entities such as bona fide owners or lessors, attorneys handling real estate sales in specific legal contexts, and public officers performing their duties. The Real Estate Commission is designated to oversee the enforcement of these provisions and make rulings regarding the prohibitions outlined in the act. Overall, the bill seeks to regulate the real estate market in West Virginia by eliminating wholesaling practices that may be deemed exploitative or problematic.

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