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RI S3136
Bill
Status
3/20/2026
Primary Sponsor
Robert Britto
Click for details
AI Summary
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Real estate wholesalers who sell or assign equitable interests in property more than once in 12 months must hold a valid real estate broker or salesperson license from the Department of Business Regulation
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Wholesalers must provide written disclosure to property sellers that the contract may be assigned to another person for a fee, and must disclose to prospective buyers that the wholesaler holds only equitable interest, not legal title
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Sellers and buyers receive a 3-business-day cancellation period (excluding weekends and holidays) to review contracts with an attorney, with the right to cancel without penalty during this period
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Violations carry fines of $500 for a first offense and $1,000 for each subsequent offense, plus civil liability of one to three times any fee or profit received
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Act 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
Committee recommended Substitute A be held for further study
4/28/2026