SB155
Revise the real estate wholesaler law
Summary
The bill revises the law related to real estate wholesalers in Ohio, requiring wholesalers to provide a written disclosure statement to property owners before entering into contracts for residential real property. It establishes penalties for wholesalers who fail to comply with these disclosure requirements, allowing property owners to cancel contracts if disclosures are not made. The bill also outlines disciplinary actions against real estate licensees for various violations.
Rationale
The bill imposes additional regulatory requirements on real estate wholesalers, which may conflict with Libertarian principles advocating for minimal government intervention in economic activities. However, it does provide consumer protections that align with some aspects of the LPO platform, leading to a mixed alignment score.
Risks and Concerns
- Increased regulatory burden on real estate wholesalers
- Potential for reduced market participation due to compliance costs
- Possibility of unintended consequences affecting property transactions