HF 2394: Relating to the wholesaling of residential property by a wholesaler, and providing civil penalties

What it does

This bill relates to the wholesaling of residential property by a wholesaler. “Wholesaling”, “residential property”, and “wholesaler” are defined in the bill. The bill requires a person to be licensed as a real estate broker, or to be represented by a licensee, to engage in wholesaling. The bill permits a licensee to represent a wholesaler in a wholesaling transaction. The bill requires a wholesaler to disclose to all parties to a wholesale transaction prior to executing a contract to purchase or to convey an equitable interest to a buyer or other entity the legal identities of all parties to the wholesale transaction and an explanation of the wholesaling process, including disclosure that the wholesaler holds an equitable interest in the residential property and may not be able to convey title to the property.

House subcommittee · named January 30, 2024

• Rep. Mike Vondran (R) · mike.vondran@legis.iowa.gov
• Rep. Kenan Judge (D) · kenan.judge@legis.iowa.gov
• Rep. Gary M. Mohr (R) · gary.mohr@legis.iowa.gov

Lobbying · 1 for, 0 against

For: Iowa Association of Realtors

In plain words

1. January 30, 2024Filed in the House and sent to the Commerce committee · as HSB 637
2. January 30, 2024House subcommittee named: Vondran, Judge, Mohr and G · as HSB 637
3. February 1, 2024Subcommittee recommended passing it · as HSB 637
4. February 6, 2024Approved by the House committee · as HSB 637
5. February 8, 2024Filed in the House
6. February 8, 2024Approved by the House committee, and given a new number: HF 2394 · as HSB 637
7. February 19, 2024Passed the House, 91–0
8. February 20, 2024Arrived in the Senate
9. March 4, 2024Took the place of SF 2290 on the Senate floor (the same legislation)
10. March 4, 2024Passed the Senate, 46–0
11. April 10, 2024Sent to the Governor
12. April 10, 2024Signed into law