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House committee considers bill to require disclosure by real-estate wholesalers
Summary
Representative Josh Williams and a joint sponsor presented House Bill 287 to require real-estate wholesalers to disclose their intent to assign contracts and to provide remedies including returning earnest money to the record owner within 30 days if disclosures are violated; committee members pressed on proving intent and scope of the bill.
Representative Josh Williams opened sponsor testimony for House Bill 287, saying an increase in corporate purchases and a proliferation of real-estate wholesaling "has made it increasingly difficult for young families to find and purchase homes in our state." Williams said wholesalers often enter contracts without intent to take title and then assign those contracts to third-party investors, which can strip equity from homeowners.
The bill's joint sponsor (introduced in testimony as Representative John) told the committee wholesalers can use aggressive…
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