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Rhode IslandS31362026 Regular SessionSenateWALLET

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

Sponsored By: Robert Britto (Democratic)

Signed by Governor

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Bill Overview

Analyzed Economic Effects

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

Fines and paybacks for breaking wholesaling rules

Beginning January 1, 2027, breaking the disclosure or cancellation rules brings fines. The first offense is $500. Later offenses are $1,000 each. If you took money from a violation, a court can order payback of at least what you got, up to three times.

Licenses now required for real estate wholesalers

Beginning January 1, 2027, you must hold an active Rhode Island real estate license to enter wholesale or assignment contracts, unless exempt. Doing these deals more than once in 12 months counts as brokerage and triggers licensing rules. Preparing a non-appraisal opinion of value counts as brokerage. Licensed appraisals remain separate. The owner or employee exemption no longer covers selling only an equitable interest.

Sellers and buyers get three-day cancel rights

Beginning January 1, 2027, wholesalers must make clear, written disclosures to sellers and buyers. Sellers must be told the buyer may assign the contract for a fee. Buyers must be told the wholesaler holds only an equitable interest, not title. Sellers and buyers get three business days to review and cancel, with weekends and holidays excluded. No transfer or assignment can close until this period ends. The right to cancel cannot be waived. If required disclosures are missing, the seller or buyer may cancel before closing. A buyer who cancels for missing disclosures gets a full deposit refund. A seller’s deposit is not automatically returned unless the contract says so.

Sponsors & Cosponsors

Sponsor

  • Robert Britto

    Democratic • Senate

Cosponsors

  • John P. Burke

    Democratic • Senate

  • Melissa A. Murray

    Democratic • Senate

Roll Call Votes

All Roll Calls

Yes: 107 • No: 1

House vote • 6/9/2026

BUSINESSES - REAL ESTATE BROKERS PASSAGE IN CONCURRENCE

Yes: 70 • No: 1

Senate vote • 6/4/2026

BUSINESSES & PROFESSIONS -- REAL ESTATE BROKERS AND SALESPERSONS Passage

Yes: 37 • No: 0

Actions Timeline

  1. Signed by Governor — Chapter 411

    6/23/2026Governor

  2. Transmitted to Governor

    6/18/2026Governor

  3. House passed Sub A in concurrence

    6/9/2026House

  4. Placed on House Calendar (06/09/2026)

    6/8/2026House

  5. Committee recommends passage of Sub A in concurrence

    6/8/2026

  6. Scheduled for consideration (06/08/2026)

    6/5/2026

  7. Referred to House Corporations

    6/5/2026House

  8. Senate passed Sub A

    6/4/2026Senate

  9. Placed on Senate Calendar (06/04/2026)

    6/2/2026Senate

  10. Committee recommends passage of Sub A

    6/2/2026

  11. Proposed Substitute

    6/1/2026

  12. Scheduled for consideration (06/02/2026)

    5/30/2026

  13. Committee recommended Substitute A be held for further study

    4/28/2026

  14. Committee recommended indefinite postponement

    4/28/2026

  15. Proposed Substitute

    4/27/2026

  16. Scheduled for hearing and/or consideration (04/28/2026)

    4/24/2026

  17. Introduced, referred to Senate Judiciary

    3/20/2026Senate

Bill Text

  • S3136 - As Introduced

    3/20/2026

    HTMLPDF

  • S3136 - Substitute

    3/20/2026

    HTMLPDF

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