Senate Bill 1075 Summary

• Defines "wholesaler" as any individual or entity that secures, negotiates, or facilitates the sale of residential real estate for the primary purpose of assigning or selling their equitable interest for profit, including those who assign contracts before taking possession or engage in double closings.

• Requires wholesalers to disclose in writing to homeowners before contract execution that they intend to assign or sell their equitable interest for a higher price, and to provide a prominent written disclosure advising homeowners to seek legal advice.

• Grants homeowners the right to cancel wholesale contracts without penalty within 2 business days of execution, with cancellation notice appearing on contracts in at least 12-point bold type or capital letters.

• Prohibits wholesalers from acting as advisors or consultants to homeowners, representing themselves as licensed professionals without proper credentials, or placing liens on properties; requires earnest money deposits be held in escrow accounts with federally insured financial institutions.

• Makes contracts invalid and unenforceable if required disclosures are missing, and requires the Oklahoma Real Estate Commission to create and provide a cancellation form at no cost; effective November 1, 2025.