Virginia Legislative Bills

4 legislative bills tracked for real estate wholesalers & investors

High Risk

Last synced: 9h ago

HB157Introduced Medium Risk

Real Estate Board; an applicant for new real estate license to certify criminal history info.

Summary

This bill requires applicants for new real estate licenses in Virginia to certify their criminal history when applying
It also establishes procedures for the Real Estate Board to process applications before receiving the criminal history information and mandates that license renewal applicants disclose any undisclosed criminal history

What This Means for Wholesalers

While this bill primarily targets licensed real estate professionals, it indirectly affects wholesalers who may need to consider obtaining a license if they engage in activities that require one
Wholesalers with criminal histories may face challenges in obtaining a license, impacting their ability to operate legally

license required

HB917Enacted — In ForceIn force since Jul 1, 2024 High Risk

Summary

The bill expands the definition of a real estate broker in Virginia to include individuals or entities that engage in buying, selling, or negotiating real estate contracts, including assignable contracts, on two or more occasions within a year for compensation
This change aims to regulate more individuals involved in real estate transactions

What This Means for Wholesalers

This bill likely means that wholesalers in Virginia who assign contracts on two or more occasions in a year may now be required to obtain a real estate broker's license
This could increase the regulatory burden on wholesalers and limit their ability to operate without a license

license required

SB358Enacted — In ForceIn force since Jul 1, 2024 High Risk

Summary

The bill expands the definition of a real estate broker in Virginia to include individuals or entities that engage in buying, selling, or negotiating real estate contracts, including assignable contracts, on two or more occasions within a year for compensation
This change aims to regulate more individuals involved in real estate transactions

What This Means for Wholesalers

This bill likely means that wholesalers in Virginia who assign contracts on multiple occasions within a year may now be required to obtain a real estate broker's license
This could increase the regulatory burden on wholesalers and limit their ability to operate without a license

license required

SB613Passed Medium Risk

Summary

The bill directs the Department of Professional and Occupational Regulation in Virginia to review the current process for obtaining a real estate salesperson license and to report its findings by January 1, 2027
This review aims to assess and potentially improve the licensure process for real estate professionals in the state

What This Means for Wholesalers

This bill may lead to changes in the licensure requirements for real estate salespersons, which could indirectly affect wholesalers if stricter regulations are implemented
Wholesalers currently operate without a license, and any changes to the licensure process could increase scrutiny on their activities

license required