AR SB553

Amends Arkansas Code § 17-42-104(c) to prohibit real estate licensure exemptions for persons or entities that obtain equitable interests on behalf of others, publicly market equitable interests in residential property contracts, or strategically circumvent licensure requirements to eliminate consumer remedies.

Modifies Arkansas Code § 17-42-109(b) to clarify that offering to engage in unlicensed real estate activities without a license constitutes prima facie evidence of unlicensed real estate activity.

Creates the Arkansas Real Estate Wholesale Consumer Protection Act as a new subchapter (18-12-801 et seq.) defining wholesale buyers and wholesale sellers of residential real property with fewer than five dwelling units.

Requires wholesale buyers to disclose in writing to sellers that they are wholesale buyers before entering into binding agreements for residential property transfers.

Requires wholesale sellers to disclose in writing to buyers that they are wholesale sellers and may not be able to convey title to the property; allows sellers or buyers to terminate contracts without penalty and retain or be refunded earnest money if disclosure requirements are violated.