Bill > SB1075

This bill amends Oklahoma's Real Estate License Code to establish new regulations for real estate wholesalers, who are defined as individuals or entities that secure contracts to purchase residential properties with the intent of quickly assigning or selling their contractual rights for financial profit. The bill requires wholesalers to provide several key disclosures to homeowners before executing any contract, including their intent to assign the property for a potentially higher price, a recommendation that the homeowner seek legal advice, and a clear explanation of the homeowner's right to cancel the contract without penalty within two business days. Wholesalers are prohibited from representing themselves as advisors to the homeowner or claiming professional certifications they do not possess. The bill mandates that all contracts include specific details such as the wholesaler's contact information, property address, total consideration, payment terms, and a prominent notice explaining the homeowner's cancellation rights. Additionally, failure to include required disclosures will render the contract invalid, and the Oklahoma Real Estate Commission is tasked with creating a standardized cancellation form and developing rules to implement these provisions. The legislation aims to protect homeowners from potentially predatory wholesale real estate practices by ensuring transparency and providing clear opt-out mechanisms. The bill is set to become effective on November 1, 2025.

Business and Industry

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1075&Session=2600