S.B. No. 192 Summary

• Expands the definition of "real estate broker" to include persons engaged in buying, selling, marketing, exchanging, or dealing in contracts for residential real estate property, regardless of whether conducted for another.

• Creates new licensing requirement for "wholesalers" who enter into purchase contracts for residential real property with intention to assign or novate the contract for profit.

• Requires wholesalers to disclose in writing to property owners before contract execution: wholesaler status, intent to profit, ability to assign contract to third parties, that purchase price may be below market value, and whether they hold an active real estate license.

• Allows property owners to cancel contracts without penalty and retain earnest money if wholesaler fails to provide required disclosures before closing.

• Establishes violations of wholesaler disclosure requirements as unfair or deceptive practices enforceable by the attorney general, with private right of action for aggrieved parties.