SSB 3133: SSB 3133

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.

Senate subcommittee · named January 31, 2024

• Sen. Mike Bousselot (R) · mike.bousselot@legis.iowa.gov
• Sen. Zach Wahls (D) · zach.wahls@legis.iowa.gov
• Sen. Scott Webster (R) · scott.webster@legis.iowa.gov

Lobbying · 1 for, 0 against

For: Iowa Association of Realtors

In plain words

1. January 31, 2024Filed in the Senate and sent to the Commerce committee
2. January 31, 2024Senate subcommittee named: Bousselot, Wahls and Webster
3. February 7, 2024Subcommittee recommended passing it
4. February 8, 2024Approved by the Senate committee, and given a new number: SF 2290