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Committee hears testimony on licensing requirement for residential wholesalers; supporters cite consumer protection, industry warns about title-remediation work
Summary
The committee heard extended testimony on a bill to require wholesalers who acquire or assign equitable interests in residential property to hold real-estate licenses. A Real Estate Commission representative said licensing is needed to protect consumers; a wholesaler representative said their firm clears title issues and that the bill could constrain those services. Members debated holding the bill for further study.
A bill that would require residential wholesalers who acquire or assign equitable interests in property to hold real-estate licenses drew extended testimony and questioning in committee.
A representative for the Real Estate Commission (referred to in the record as Mr./Dr. Poe) said many wholesalers are unlicensed and that lack of licensing limits the commission's ability to resolve consumer complaints. "If you're going to sell someone else's home, you need a license," the representative said, arguing that licensing wholesalers would align liability and give consumers a regulatory avenue for redress.
Committee members pressed the witness on legal remedies and on…
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