CT HB05572

Requires real estate wholesalers to obtain a license from the Department of Consumer Protection, with a $285 nonrefundable application fee and annual renewal fee; exemption applies to those conducting only one wholesale contract per calendar year

Defines real estate wholesalers as persons who enter contracts to facilitate property sales to third parties for compensation without taking possession, excluding licensed real estate agents

Mandates wholesale contracts include a 10-day attorney review period during which sellers may cancel without penalty, plus a prominent 16-point warning statement advising sellers to consult attorneys or licensed professionals

Limits wholesale contract closing dates to 70 days after execution, with automatic termination unless all parties agree in writing to extend

Effective October 1, 2025; violations of licensing and contract requirements constitute unfair or deceptive trade practices under Connecticut law