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Committee hears sponsor testimony for bill to restrict real-estate wholesaling practices
Summary
Senate Bill 155 would require disclosure by wholesalers, ban a wholesaler from entering binding contracts without a signed disclosure from the record owner, and require escrow agents to return earnest money to owners within 30 days if disclosure rules are violated, according to sponsor testimony.
Senate Bill 155, presented to the Senate Judiciary Committee in sponsor testimony, would target "real estate wholesaling," a practice sponsors described as posing risks to vulnerable homeowners by enabling assignment of purchase contracts for an assignment fee without the homeowner’s informed consent.
Sponsor testimony summarized the practice and the bill’s primary protections. "This legislation would, protect Ohioans from real estate wholesaling, which is a predatory practice that preys on vulnerable homeowners…
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