Rhode Island H7840 requires real estate wholesalers to be licensed and comply with disclosure requirements.

Rhode Island H7840 mandates that any person or entity involved in selling, assigning, or buying an equitable interest in real estate without taking legal title must be licensed as a real estate broker or salesperson. Wholesalers must comply with disclosure requirements, including a three-day cancellation period for buyers and sellers. The act defines "wholesaler" as someone facilitating real estate sales for financial gain before taking possession. Violations carry fines and civil liability. The act takes effect on January 1, 2027.

Rhode Island H7840 requires real estate wholesalers to be licensed and comply with disclosure requirements.

Rhode Island H7840 mandates that any person or entity involved in selling, assigning, or buying an equitable interest in real estate without taking legal title must be licensed as a real estate broker or salesperson. Wholesalers must comply with disclosure requirements, including a three-day cancellation period for buyers and sellers. The act defines "wholesaler" as someone facilitating real estate sales for financial gain before taking possession. Violations carry fines and civil liability. The act takes effect on January 1, 2027.