How will this proposed bill effect Maryland investors ?

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
3y

@Tom Gimer

I agree. I am not opposed to wholesalers needing license but if your buying for yourself then you should not need to be licensed. 2 in 12 is an over reach.

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  • Tom GimerBusiness Member
    DMV · Member since 2017 · 3k+ posts · 3k+ votes
    3y

    IMO, wholesalers are already engaged in providing real estate brokerage services under the current definition. Getting licensed would kill their business (net listings, all $ through broker, etc.) so most will ignore.

    I think the 2 in 12 is overreach and should be challenged by an investor who buys and sells on his/her own account.

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  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 656 votes
    3y
    Quote from @Matthew Paul:

    https://drive.google.com/file/...

    Opinions on this bill and its possible effects .      I couldnt get the whole bill to copy 

    I think it’s a much needed change, too many wholesalers were out there scamming homeowners and this at least should in theory end the Wild West aspect of it, as Tom mentions I’m not sure how many wholesalers will actually follow the law, but at least now wholesalers can’t claim they were unaware that it “was brokering without a license” which should in theory make it easier to prosecute or sue wholesalers.
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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Tom Gimer

    I agree. I am not opposed to wholesalers needing license but if your buying for yourself then you should not need to be licensed. 2 in 12 is an over reach.

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  • Russell BrazilBusiness Member
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    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    3y

    Wholesalers in Maryland were mostly already operating illegally. The MREC and Attorney Generals office both classified them as brokering without a license. The AGs office however was ill equipped to handle the issue. MREC only had the power to deal with licensees.  The MREC with a narrower focus of protecting the public in real estate related matters has a narrower focus...and is thus better equipped to police the issue. By requiring the practice to be licensed, this moves the oversite of wholesaling directly to MREC.

    There is likely a similar bill hovering in th3 DC Council. It would have already had been introduced if not for the author of the legislation being voted out of office in the last election, thus delaying it being brought up in DC. But it will be within the year.

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