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DelawareSB 201153rd General Assembly (2024–2026)SenateWALLET

AN ACT TO AMEND TITLE 24 OF THE DELAWARE CODE RELATING TO REAL ESTATE BROKERS AND SALESPERSONS

Sponsored By: Spiros Mantzavinos (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

More recovery money for real estate victims

Delaware’s Real Estate Guaranty Fund raises its payout cap from $25,000 to $50,000 per transaction or claim. That cap covers all claimants and parcels combined, not each person separately. Claimants need a final judgment for theft, forgery, fraud, misrepresentation, or deceit involving a brokerage or its unlicensed employee or owner. They must file a verified claim within 60 days after judgment and diligently pursue and exhaust reasonable collection remedies. The Commission must keep the Fund above $350,000, up from $250,000, and receive quarterly Fund statements from the Division. Interest joins the Fund’s principal and may cover administration costs approved by the Commission. By an approved vote, Commissioners may use money above $350,000 for in-state seminars, licensee training, and specified association membership and meeting expenses.

Property sellers can cancel wholesale agreements

Sellers who own the property outright or hold a leasehold interest can cancel wholesale agreements without owing damages. This right cannot be waived. With required disclosures, cancellation is allowed until midnight on the 21st calendar day after signing or before transfer, whichever comes first. Without those disclosures, sellers can cancel any time before transfer. Agreements must prominently explain the wholesale arrangement, the option to seek independent advice, cancellation rights, and refunds. Sellers must send notice by certified return receipt mail or another bona fide method, including electronic or personal delivery, and keep proof. The broker or salesperson must refund all payments within 10 business days after receiving notice and acknowledge the agreement is void.

Real estate wholesalers face licensing oversight

Wholesaling and attempts to wholesale now fall under Delaware’s real estate licensing rules and Commission oversight. This adds licensing obligations for wholesalers and brings their services under professional regulation. The rules cover profit-seeking contracts and marketing before legal ownership of homes primarily used as one-to-four-family residences. They also cover single residentially zoned lots available for development for those residences. Assigning bids from sheriff, bankruptcy trustee, or partition auctions is excluded. The owner exemption covers ordinary property management and investment involving owners, lessees, buyers, qualifying equitable owners, or their regular employees, but not wholesaling as a business.

Sponsors & Cosponsors

Sponsor

  • Spiros Mantzavinos

    Democratic • Senate

Cosponsors

  • William Bush

    Democratic • House

  • Kerri Evelyn Harris

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 46 • No: 10

House vote • 5/14/2026

Passed (SM required)

Yes: 26 • No: 10

Senate vote • 3/26/2026

Passed (SM required)

Yes: 20 • No: 0

Actions Timeline

  1. Signed by Governor

    6/1/2026Governor

  2. Passed By House. Votes: 26 YES 10 NO 2 NOT VOTING 3 ABSENT

    5/14/2026House

  3. Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 8 On Its Merits

    4/21/2026House

  4. Assigned to Economic Development/Banking/Insurance & Commerce Committee in House

    4/9/2026House

  5. Passed By Senate. Votes: 20 YES 1 ABSENT

    3/26/2026Senate

  6. Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 2 Favorable, 6 On Its Merits

    1/29/2026Senate

  7. Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate

    7/1/2025Senate

Bill Text

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