Revise the real estate wholesaler law

New mandatory disclosure statement required from wholesalers before entering binding contracts with property owners, including specific language about the wholesaler's role and fee structure.

Enhanced record-keeping requirements for brokers, including maintaining transaction records for three years and keeping special trust accounts for escrow funds.

Modified earnest money handling procedures to include specific timelines for disbursement when disputes arise, with automatic return to purchaser after two years if no resolution is reached.

New requirement for brokers to include definite expiration dates in all written agency agreements.

Expanded list of 40 specific violations that can result in disciplinary sanctions, including new provisions about dual agency, undisclosed principals, and civil rights violations.

Added provisions allowing the real estate commission to suspend or revoke licenses for repeat civil rights violations or discriminatory practices in real estate transactions.

New definition of 'wholesaler' and specific exclusions for family members and affiliated entities to prevent abuse of the wholesaling model.

Added 20 new grounds for disciplinary sanctions against real estate licensees, including civil rights violations, failure to maintain proper records for three years, and specific prohibitions on wholesaler practices.

Mandated conspicuous written disclosure statements for wholesalers that must be signed by both parties before entering binding contracts, with specific font size and formatting requirements.

Added specific requirements for maintaining separate trust accounts for rental income and security deposits, with provisions for interest earnings to be paid to property owners.

Modified earnest money handling procedures to include specific timelines for disbursement when disputes arise and requirements for reporting unclaimed funds.

Created a new section 5301.95 defining 'wholesaler' and establishing requirements for disclosure statements when entering purchase contracts for residential real property.

Established that failure to provide required wholesaler disclosures allows record owners to cancel contracts without penalty and provides cause of action for consumers under unfair trade practices laws.

Added provisions allowing the commission to impose sanctions on affiliated brokers when they have knowledge of salesperson violations.

Created an exemption from disciplinary sanctions for licensees engaged in activities related to medical marijuana transactions under Chapter 3796 of the Revised Code.