Hey, it's Tiri Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout.

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This bill is the stupidest bill I have ever seen.

Right now, South Carolina is proposing House Bill 4754.

And the way this bill is currently written, if passed into law, it would be mandatory to get a real estate license to wholesale.

And it would also be prohibited to wholesale with a license in any capacity. Guys, I can't make this stuff up. Hey, wholesalers, we want you to get a license to wholesale, but once you get your license, you're not allowed to use it to wholesale. Makes no sense, and it's just ridiculous, and you should be very concerned. I'm going to break it down for you. Now, this is a big deal deal and not just for South Carolina wholesalers.

This matters for all wholesalers, so pay close attention to this video. So before we dive into

this scary and stupid new bill being proposed by South Carolina, if you haven't been following

what's happening, let me fill you in. In the past few years, several states have passed regulation

and several more states currently have active bills in legislation as we speak, which I'll be covering on other videos.

So far, the states that have either pass regulation or are proposing regulations are primarily taking one of two positions regarding wholesaling.

Some states, such as Nebraska and Oklahoma, patch regulation that requires a license to publicly market contracts for sale.

They took the position that advertising and marketing assignable contracts is considered brokering real estate and therefore requires a real estate license.

Whereas other states like Illinois and recently Virginia, they've taken a much stronger position.

They pass laws that define the very act of assigning a contract as brokering and requires a license,

regardless how you market it for sale.

And in case you don't know, brokering is when you assist someone in buying or selling a property for a fee. And since brokering could

potentially be harmful and in order to protect the public, each state has a real estate division

and laws that require anyone who is brokering real estate to be trained, licensed, adhere to certain

standards, and be held to specific oversight by the state. The wholesalers have long argued that assigning a contract is not assisting someone in the purchase or sale of a property for a fee,

aka brokering, but rather the wholesaler is acting as a principal in a contract than selling that position or equitable interest for a fee, which is not the same thing. However, more and more states are changing the laws defining the practice of brokering to include wholesaling in some way or another.

And if you follow my channel, you know that I've been leading the charge in the wholesaling industry to not only bring awareness about regulation that's sweeping across America, but also to provide solutions about what to do,

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