Occupations: real estate; real estate wholesaling and mandatory disclosures; provide for. Amends secs. 2501, 2502b, 2503 & 2512e of 1980 PA 299 (MCL 339.2501 et seq.) & adds sec. 2517a.

This bill aims to regulate real estate wholesaling in Michigan by establishing mandatory disclosures that wholesalers must provide. It modifies existing laws related to real estate practices to ensure transparency and protect consumers. The bill also introduces new provisions specifically addressing wholesaling activities.

Supporters of this bill argue that it will enhance consumer protection by ensuring that all real estate transactions, particularly wholesaling, are conducted transparently. They believe that mandatory disclosures will help prevent fraud and build trust within the real estate market, ultimately benefiting both buyers and sellers.

Critics of the bill may argue that the additional regulations could stifle the real estate market and create unnecessary barriers for wholesalers. They might contend that the requirements could disproportionately impact smaller businesses and individuals trying to enter the real estate market, limiting opportunities for entrepreneurship.