Oregon 2024 Regular Session

Oregon House Bill HB4058

Introduced
2/5/24  
Refer
2/5/24  
Report Pass
2/14/24  
Engrossed
2/15/24  
Refer
2/15/24  
Report Pass
2/26/24  
Enrolled
2/28/24  
Passed
3/7/24  
Chaptered
3/12/24  

Caption

Relating to regulated real estate activities.

Impact

The bill will have a significant impact on state laws governing real estate transactions. By mandating that individuals engaged in residential property wholesaling must register and adhere to specified disclosure requirements, the bill seeks to protect buyers and sellers from fraudulent and misleading practices. The legislation defines penalties for unregistered wholesalers and lays out the necessary disclosures for transactions, enhancing transparency in the market. It effectively aims to regulate an area of real estate that previously had limited oversight, thereby safeguarding the interests of all parties involved.

Summary

House Bill 4058 addresses the regulation of residential property wholesaling in Oregon. The bill establishes definitions for residential property wholesalers and outlines the registration requirements necessary for individuals and entities wishing to engage in residential wholesaling activities. It aims to enhance oversight in this segment of the real estate market by requiring registration with the Real Estate Commissioner, thereby tightening the regulatory framework surrounding property transactions that involve an individual's equitable interest and options to purchase properties.

Sentiment

The general sentiment surrounding HB 4058 appears to be cautiously optimistic among proponents who argue that increased regulation will curb malpractice in an unregulated sector. Supporters underscore the need for transparency and consumer protection, viewing the bill as a necessary measure to create a fairer marketplace. Conversely, some critics express concern about the regulatory burden on smaller wholesalers, arguing that excessive regulation might deter entrepreneurial activities within the real estate sector. Nonetheless, there is a recognition of the need for some level of control to prevent exploitative practices.

Contention

Notable points of contention include discussions around the potential impact of regulatory requirements on small and independent wholesalers who may find it challenging to meet the increased compliance costs. Furthermore, there is debate on whether the bill might inadvertently stifle competition by imposing stringent regulations that favor larger, more established businesses. The enforcement mechanism, including penalties for non-compliance, raises the question of balancing strict oversight with the realities of doing business in the real estate market.

Companion Bills

No companion bills found.

Previously Filed As

OR HB3092

Relating to residential property wholesaling.

OR HB2274

Relating to securities regulation; and prescribing an effective date.

OR SB56

Relating to exemption of health care receipts from corporate activity tax; prescribing an effective date.

OR HB2791

Relating to exemption of health care receipts from corporate activity tax; prescribing an effective date.

OR HB2630

Relating to exemption of prescription drug sales; prescribing an effective date.

OR SB61

Relating to exemption of prescription drug sales; prescribing an effective date.

OR SB63

Relating to exemption of health care reimbursements from corporate activity tax; prescribing an effective date.

OR HB2684

Relating to exemption of commodities under corporate activity tax; prescribing an effective date.

OR HB3192

Relating to exemption of precious metals under corporate activity tax; prescribing an effective date.

OR HB2482

Relating to exemption of certain receipts from the corporate activity tax; prescribing an effective date.

Similar Bills

OR HB3092

Relating to residential property wholesaling.

CT HB07078

An Act Concerning The Removal Of Unauthorized Persons From Real Property, Continuing Education Requirements For Real Estate Licensees, Requiring A Study Of Residential Real Property Wholesaling And Revising The Title Of A Real Estate Salesperson To A Real Estate Agent.

AZ HB2754

Real estate transactions; identification; recordings

OH SB192

Regards real estate brokers, residential property disclosures

CT HB05572

An Act Concerning Real Estate Wholesalers And Real Estate Wholesale Contracts.

OH SB155

Revise the real estate wholesaler law

OH HB287

Revise law related to real estate wholesalers

OK SB1075

Oklahoma Real Estate License Code; prohibiting certain practices without disclosure. Effective date.