Rhode IslandH78402026 Regular SessionHouseWALLET

AN ACT RELATING TO BUSINESSES AND PROFESSIONS -- REAL ESTATE BROKERS AND SALESPERSONS .

Sponsored By: Anthony J. DeSimone (Democratic)

Signed by Governor

Personalized for You

How does this bill affect your finances?

Personalize government policy and PRIA will tell you what this bill means for your household, plus every other piece of legislation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.

Free to download

Bill Overview

Analyzed Economic Effects

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

Licenses and penalties for wholesalers

Beginning January 1, 2027, people who assign or sell equitable interests in property more than once in 12 months are treated as real estate brokers. They must hold an active Rhode Island real estate license or qualify for an exemption. The owner/lessee exemption does not cover selling or assigning an equitable interest, so those deals may require a license. Breaking these licensing, disclosure, or cancellation rules carries a $500 fine for a first offense and $1,000 for later ones. If a violator received money, a court can order repayment of at least that amount and up to three times the fee or profit.

Three-day cancel rights for sellers and buyers

Beginning January 1, 2027, wholesalers must tell sellers in writing that a purchase contract may be assigned for a fee. They must also tell buyers in writing that the wholesaler has an equitable interest, not legal title. Every wholesale or assignment contract must give a three-business-day review and cancellation period, excluding weekends and federal or state holidays. Sellers or buyers can cancel within that window without penalty, and deposits must be refunded. Transfers cannot close until the three days end. These cancellation rights cannot be waived. If required disclosures are missing, the seller or buyer may cancel any time before closing.

Sponsors & Cosponsors

Sponsor

Anthony J. DeSimone
Democratic • House

Cosponsors

Jacquelyn M. Baginski
Democratic • House
Scott A. Slater
Democratic • House

Roll Call Votes

All Roll Calls

Yes: 71 • No: 0

House vote • 6/9/2026

BUSINESSES - REAL ESTATE BROKERS PASSAGE