HB 4058

Creates a residential property wholesaler registration.

Bill Text

• A-Engrossed
• Enrolled
• House Amendments to Introduced
• Introduced

Creates a residential property wholesaler registration requirement and establishes requirements for real estate licensees in housing transactions.

Original Bill Text

Sponsors#

Chief Sponsors: Vikki Breese-Iverson, Dick Anderson, Mark Meek

Co-Sponsors: Jami Cate, Christine Goodwin, Jeffrey Helfrich, Bobby Levy, Virgle Osborne, Mark Owens, E. Werner Reschke, Boomer Wright, Dwayne Yunker, Tim Knopp, Cyrus Javadi, Pam Marsh, Brian Stout, Deb Patterson, David Brock Smith

Overview#

Digest: The Act adds laws about residential property wholesalers. The Act changes laws about real estate licensees. The Act adds new defined terms. The Act defines “future right to list contract” and states that a real estate licensee may not take certain actions if the contract lasts more than 24 months. (Flesch Readability Score: 67.2). Creates a residential property wholesaler registration. Prohibits residential property wholesaling without a registration. Provides exceptions. Punishes a violation by a maximum of 364 days’ imprisonment, a $6,250 fine, or both. Creates civil penalties. Requires real estate licensees acting as buyer’s agents to use a written buyer’s representation agreement. Requires real estate licensees acting as seller’s agents to use a written listing agreement. Requires real estate licensees to disclose shared compensation. Prohibits real estate licensees from entering into long-term agreements that require buyers or sellers to use their services in the future.

Public Testimony

Legislative History