Ohio Senate approves disclosure rules for real estate wholesalers

COLUMBUS, Ohio — The Ohio Senate on June 3 passed Senate Bill 155, which requires real estate wholesalers to disclose their role and intentions to homeowners and end buyers; the chamber approved the measure 33-0.

Sen. Brenner, sponsor of SB 155, told colleagues the bill is intended to protect homeowners — particularly elderly and financially vulnerable sellers — from misleading transactions by requiring wholesalers to clearly state that they do not represent the seller, do not intend to purchase the property themselves and plan to assign the contract for a profit.

"This legislation is not about banning real estate wholesaling, but about ensuring greater transparency and consumer protection for Ohio homeowners when engaging in such transactions," Sen. Brenner said on the floor. He said the bill preserves legitimate wholesaling activity while demanding basic disclosures so homeowners understand the nature and potential downstream resale of their property.

Sen. Ingram, a joint sponsor, said the bill targets bad actors who use signage and tactics that can mislead vulnerable homeowners. "What this bill does is that it separates and makes them have the accountability, the documentation, that they are there, and not trying to get over on some of our people," she said.

Brenner told the Senate SB 155 passed the Senate Judiciary Committee unanimously. The Senate roll call on final passage recorded 33 yeas and 0 nays. The Senate declared the bill passed and entitled; the transcript does not record subsequent steps in the House or final enactment.