Georgia Legislative Bills
6 legislative bills tracked for real estate wholesalers & investors
Last synced: 11h ago
Pharmacies; prohibit drug manufacturer and wholesalers from preventing a licensed pharmacy from acquiring drugs from entities that participate in a particular federal drug discount program
Summary
- This bill aims to prevent drug manufacturers and wholesalers from restricting licensed pharmacies from obtaining drugs from entities involved in a specific federal drug discount program
- It includes definitions and provisions for related matters while repealing any conflicting laws
What This Means for Wholesalers
- This bill does not directly impact real estate wholesalers as it pertains to the pharmaceutical industry and does not address real estate transactions or wholesaling practices
- Therefore, real estate wholesalers can continue their operations without any changes due to this legislation
"Wholesale Prescription Drug Importation Act"; enact
Summary
- The Wholesale Prescription Drug Importation Act aims to create a program for importing prescription drugs wholesale, establishing necessary procedures and definitions for its implementation
- It includes provisions for funding and legislative findings related to the program
What This Means for Wholesalers
- This bill does not directly affect real estate wholesalers as it pertains to the pharmaceutical industry rather than real estate transactions
- Therefore, wholesalers in real estate are unlikely to face any changes in their operations or regulations due to this legislation
Alcoholic Beverages; the issuance of wholesale consumable hemp licenses to wholesale dealers of alcoholic beverages; prohibit
Summary
- This bill amends existing laws to prohibit wholesale dealers of alcoholic beverages from obtaining licenses to sell consumable hemp products and restricts them from distributing such products
- It aims to regulate the intersection of the hemp and alcoholic beverage industries in Georgia
What This Means for Wholesalers
- This bill does not directly impact real estate wholesalers as it pertains specifically to the regulation of alcoholic beverages and consumable hemp products
- Real estate wholesalers in Georgia will not face any new restrictions or requirements as a result of this legislation
Income tax credit; certain investments in qualified businesses; renew and revise
Summary
- This bill amends Georgia's income tax code to renew and revise an income tax credit for investments in qualified businesses, removing the requirement for investments to be made by qualified investors
- It also introduces an aggregate cap on the credit, allows for the transfer of the credit, and establishes reporting requirements
What This Means for Wholesalers
- The bill does not directly address wholesale real estate practices or licensing requirements for wholesalers
- However, the ability to transfer tax credits could potentially create new investment opportunities for wholesalers if they engage with qualified businesses
Wholesale Real Estate Practices
Summary
- Proposes licensing requirements for wholesalers doing 4+ deals per year
- Requires written disclosure to sellers about assignment intent
- Would mandate 5-day rescission period for sellers
What This Means for Wholesalers
- Requires written disclosure to sellers about assignment intent
- Would mandate 5-day rescission period for sellers
Investor Property Tax Assessment
Summary
- Adjusts property tax assessments for investor-owned residential properties
- Properties owned by LLCs with 10+ units face higher assessment rates
- Revenue directed to affordable housing programs
What This Means for Wholesalers
- Properties owned by LLCs with 10+ units face higher assessment rates
- Revenue directed to affordable housing programs
Frequently Asked Questions — Georgia Real Estate Law
Common questions about wholesaling regulations and investor requirements in Georgia.
HB 302 is a pending bill in Georgia that proposes new licensing requirements for real estate wholesalers conducting four or more deals annually. It also mandates written disclosure to sellers about the intent to assign contracts and introduces a 5-day rescission period for sellers. If enacted, this bill would significantly regulate Georgia real estate wholesaling laws to promote transparency and protect sellers.
Yes, if HB 302 passes, wholesalers doing four or more transactions per year will be required to obtain a state license. This aims to professionalize wholesaling and ensure compliance with disclosure and ethical standards in real estate investing in Georgia.
The 5-day rescission period in HB 302 would give sellers five days after contract assignment disclosure to cancel the agreement. This is designed to provide sellers with added protection and time to reconsider before finalizing wholesaling contracts in Georgia.
SB 352, enacted on July 1, 2022, adjusts property tax assessments for investor-owned residential properties, particularly those owned by LLCs with 10 or more units. These properties face higher assessment rates, with additional revenue funneled into affordable housing programs, impacting the financial planning of real estate investors in Georgia.
Yes, due to SB 352, investors with residential properties owned via LLCs comprising 10 or more units are subject to elevated property tax assessment rates. This change directly influences real estate investing in Georgia by increasing holding costs for larger portfolios.
Wholesalers should stay informed about pending legislation, consider obtaining relevant licenses proactively, and ensure full written disclosure to sellers about assignment intentions. Adhering to best practices in transparency and ethics will help wholesalers comply with evolving Georgia real estate wholesaling laws.
As of now, comprehensive legislation specific to wholesaling is pending (HB 302). Georgia does not yet have fully established statewide laws regulating every facet of real estate wholesaling, making it critical for investors to follow best practices and stay updated on legal developments.
SB 352 directs additional property tax revenues from investor-owned properties toward affordable housing programs, supporting statewide initiatives to increase housing accessibility. Real estate investors contribute indirectly to these efforts through the adjusted tax assessments.
Currently, no statewide requirement mandates wholesalers to disclose assignment intentions in writing. However, HB 302 seeks to change this by enforcing mandatory seller disclosure, enhancing transparency in real estate wholesaling in Georgia.
Investors should regularly consult official Georgia legislative resources, industry news, and professional associations to stay informed on the status of bills like HB 302 and enacted laws such as SB 352 impacting real estate investing in Georgia.
Not legal advice. Consult a licensed real estate attorney in Georgia for guidance on compliance.