MS HB1682

Defines "wholesaler" as any individual or entity that enters into contracts to purchase residential real estate with the intent to assign or sell their contractual rights to a third party before taking ownership, including through assignments, novations, or double closings

Requires wholesalers to provide written disclosures to homeowners before contract execution, including their intent to resell at a higher price, intent to market the property, and a recommendation to seek legal advice

Grants homeowners a 2-business-day cancellation period without penalty and requires wholesalers to notify homeowners at least 3 business days before any assignment becomes effective

Renders any contract invalid and unenforceable if required disclosures are not included, with homeowners entitled to recover earnest money deposits, actual damages, costs, and attorney's fees through chancery court

Takes effect July 1, 2026, applies only to residential properties with 1-4 dwelling units, and authorizes the Mississippi Real Estate Commission to promulgate implementing rules