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OH SB155
Bill
Status
3/2/2026
Primary Sponsor
Andrew Brenner
Click for details
AI Summary
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Defines "wholesaler" as a person who enters into a purchase contract for residential real property (1-4 dwelling units) and assigns or novates that contract to another party for a fee or commission
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Requires wholesalers acting as grantees to provide property owners with a separate, conspicuous written disclosure statement in at least 12-point boldface type before entering into a binding contract
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Disclosure must inform owners that the wholesaler does not represent them, may assign the contract without consent, may charge additional fees to third-party buyers, and that the purchase price may be below market value
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Allows property owners to cancel contracts without penalty at any time before closing if the wholesaler fails to provide required disclosures, with earnest money returned within 30 days
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Classifies violations as unfair or deceptive trade practices under Ohio law, giving affected parties a private cause of action and the Attorney General enforcement authority
Legislative Description
Revise the real estate wholesaler law
Commerce
Last Action
Effective
3/2/2026