Wholesalers required to have license in VA

[Christopher Jason Lloyd]

Just passed the House and Senate in Virginia - I am not as up to speed on how the legislative process in Virginia works but my broker and multiple wholesalers that have reached out to me are all under the impression that this starts July 1st and appears to require wholesalers doing 2 or more deals in a year to be licensed.  Does anybody have any further insights or thoughts on this?  I am wondering what changes people have questions about with wholesaling becoming regulated in Virginia.  (see below for new verbiage and bills).

"Department of Professional and Occupational Regulation; definition of a real estate broker. Adds to the definition of "real estate broker" any individual or business entity who sells or offers to sell, buys or offers to buy, negotiates or otherwise deals in real estate contracts, including assignable contracts, on two or more occasions in any 12-month period for compensation or valuable consideration. The bill contains technical amendments."

https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+HB917

https://lis.virginia.gov/cgi-bin/legp604.exe?241+sum+SB358

[Chris Seveney]

@Russell Brazil

Wow but I am glad states are finally doing this

Hopefully it weeds out 90% of the wholesalers who are really just peddlers