Loading chat...
RI H7840
Bill
Status
2/27/2026
Primary Sponsor
Anthony DeSimone
Click for details
AI Summary
-
Requires real estate wholesalers who transfer or assign equitable interests in property more than once in a 12-month period to obtain a real estate broker or salesperson license from the Department of Business Regulation
-
Mandates wholesalers provide written disclosure to property sellers that the contract may be assigned to another party for a fee, and to buyers that the wholesaler holds only an equitable interest, not legal title
-
Grants both sellers and buyers a 3-business-day cancellation period to review contracts with an attorney, with the right to cancel without penalty during this window
-
Establishes penalties of $500 for first violations and $1,000 for subsequent violations, plus civil liability of one to three times any fees or profits received from violations
-
Takes effect January 1, 2027
Legislative Description
Requires any person in the business of selling, assigning or buying an equitable interest in real estate without taking legal title to such property, to be licensed as a real estate broker or salesperson and to comply with the disclosure requirements.
Businesses And Professions
Last Action
Introduced, referred to House Corporations
2/27/2026