DE SB 201
enactedAN ACT TO AMEND TITLE 24 OF THE DELAWARE CODE RELATING TO REAL ESTATE BROKERS AND SALESPERSONS
Delaware · 2025-2026 Regular Session (153rd General Assembly) · upper
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Quick answers
Did DE SB 201 pass?
Yes. DE SB 201 has been enacted into law. Latest recorded action (2026-06-01): Signed by Governor
What is DE SB 201 about?
Section 1 of the Act exempts an individual not engaged in the business of “wholesaling” real estate from needing to be a real estate licensee. The business of wholesaling is when someone enters into an Agreement of Sale as a buyer, then markets the property and assigns that agreement to a different buyer and collects a fee for that assignment. While this process is unobjectionable under certain circumstances, at other times, it is used as a means to charge an excessive assignment fee, which is “equity stripping” of money that should go to the seller. The Act makes clear that marketing properties this way is the brokerage of real estate and must be done by a real estate broker. This is based on similar laws in Pennsylvania. Section 2 of the Act includes the business of wholesaling under the definition of real estate services. It also clarifies that a person engaged in the business of wholesaling must be licensed under Chapter 29 of the Delaware Code. Section 7 of the Act allows 270 days for such persons to become licensed. Section 3 of the Act defines “wholesaling”. Section 4 of the Act increases the amount a member of the public may collect from the Real Estate Guarantee Fund from $25,000 to $50,000 and increases the minimum amount of the Fund from $250,000 to $350,000. It also provides more discretion to the Commissioners, making it easier to award funds to a member of the public. In addition, it provides additional detail for how Commissioners may approve expenditures from the Fund and requires that they shall be provided with financial statements relating to the Fund. Section 5 of the Act adds a section to the Delaware Code for requirements for the business of “wholesaling” and adds protections for the member of the public entering into a wholesaling transaction. This is patterned after a recently enacted law in Pennsylvania. Section 6 of the Act provides that Sections 1, 3, and 4 of the Act, which include changes to certain definitions and revisions to the Real Estate Guaranty Fund, take effect upon the Act’s enactment into law. Section 7 of the Act provides that Section 2 of the Act, which requires a wholesaler to be a real estate licensee, takes effect 270 days after the Act’s enactment into law. Section 8 of the Act provides that Section 5 of the Act, concerning the right to cancel agreements of sale or contracts for wholesale transactions, takes effect 90 days after the Act’s enactment into law. The Act also makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.
Who sponsors DE SB 201?
Kerri Evelyn Harris, William Bush, Spiros Mantzavinos are the primary sponsors of DE SB 201.
Description
Section 1 of the Act exempts an individual not engaged in the business of “wholesaling” real estate from needing to be a real estate licensee. The business of wholesaling is when someone enters into an Agreement of Sale as a buyer, then markets the property and assigns that agreement to a different buyer and collects a fee for that assignment. While this process is unobjectionable under certain circumstances, at other times, it is used as a means to charge an excessive assignment fee, which is “equity stripping” of money that should go to the seller. The Act makes clear that marketing properties this way is the brokerage of real estate and must be done by a real estate broker. This is based on similar laws in Pennsylvania. Section 2 of the Act includes the business of wholesaling under the definition of real estate services. It also clarifies that a person engaged in the business of wholesaling must be licensed under Chapter 29 of the Delaware Code. Section 7 of the Act allows 270 days for such persons to become licensed. Section 3 of the Act defines “wholesaling”. Section 4 of the Act increases the amount a member of the public may collect from the Real Estate Guarantee Fund from $25,000 to $50,000 and increases the minimum amount of the Fund from $250,000 to $350,000. It also provides more discretion to the Commissioners, making it easier to award funds to a member of the public. In addition, it provides additional detail for how Commissioners may approve expenditures from the Fund and requires that they shall be provided with financial statements relating to the Fund. Section 5 of the Act adds a section to the Delaware Code for requirements for the business of “wholesaling” and adds protections for the member of the public entering into a wholesaling transaction. This is patterned after a recently enacted law in Pennsylvania. Section 6 of the Act provides that Sections 1, 3, and 4 of the Act, which include changes to certain definitions and revisions to the Real Estate Guaranty Fund, take effect upon the Act’s enactment into law. Section 7 of the Act provides that Section 2 of the Act, which requires a wholesaler to be a real estate licensee, takes effect 270 days after the Act’s enactment into law. Section 8 of the Act provides that Section 5 of the Act, concerning the right to cancel agreements of sale or contracts for wholesale transactions, takes effect 90 days after the Act’s enactment into law. The Act also makes technical corrections to conform existing law to the standards of the Delaware Legislative Drafting Manual.
- Introduced
- 2025-07-01
- Latest action
- 2026-06-01 — Signed by Governor
- Bill type
- bill
- Last updated
- —
Sponsors
- Kerri Evelyn Harrisprimary
- William Bushprimary
- Spiros Mantzavinosprimary
Committees
Not provided by source.
Action timeline
Newest first
2026-06-01
Signed by Governor
executive-signature
2026-05-14
Passed By House. Votes: 26 YES 10 NO 2 NOT VOTING 3 ABSENT
passage
2026-04-21
Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 8 On Its Merits
committee-passage
2026-04-09
Assigned to Economic Development/Banking/Insurance & Commerce Committee in House
introduction,referral-committee
2026-03-26
Passed By Senate. Votes: 20 YES 1 ABSENT
passage
2026-01-29
Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 2 Favorable, 6 On Its Merits
committee-passage,committee-passage-favorable
2025-07-01
Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate
introduction,referral-committee
Versions
Not provided by source.
Documents
Not provided by source.
Votes
SM
2026-03-26 · pass · 20-0
Member-level votes (21)
- Darius J. Brown: yes
- Eric Buckson: yes
- Daniel Cruce: yes
- Stephanie L. Hansen: yes
- Gerald W. Hocker: yes
- Kyra L. Hoffner: yes
- Russell Huxtable: yes
- Dave G. Lawson: yes
- S. Elizabeth Lockman: yes
- Spiros Mantzavinos: yes
- Trey Paradee: other
- Brian Pettyjohn: yes
- Marie Pinkney: yes
- Nicole Poore: yes
- Bryant L. Richardson: yes
- Ray Seigfried: yes
- David P. Sokola: yes
- Laura V. Sturgeon: yes
- Bryan Townsend: yes
- John "Jack" Walsh: yes
- David L. Wilson: yes
SM
2026-05-14 · pass · 26-10
Member-level votes (41)
- Alonna Berry: yes
- Stephanie T. Bolden: yes
- Frank Burns: yes
- William Bush: yes
- William J. Carson: yes
- Nnamdi O. Chukwuocha: yes
- Richard G. Collins: no
- Franklin D. Cooke: yes
- Daniel B. Short: no
- Timothy D. Dukes: no
- Mara Gorman: yes
- Ronald E. Gray: no
- Krista Griffith: yes
- Kerri Evelyn Harris: yes
- Debra Heffernan: yes
- Kevin S Hensley: other
- Jeff Hilovsky: no
- Valerie Jones Giltner: other
- Kendra Johnson: yes
- Kimberly Williams: yes
- Kamela T Smith: other
- Larry Lambert: yes
- Sean M. Lynn: yes
- Michael F. Smith: other
- Melissa Minor-Brown: yes
- Shannon Morris: no
- Eric Morrison: yes
- DeShanna U Neal: yes
- Josue O Ortega: yes
- Edward S. Osienski: yes
- Sophie Phillips: yes
- Charles S Postles Jr.: no
- Cyndie Romer: yes
- Melanie Ross Levin: yes
- Sherae'a Moore: yes
- Bryan W. Shupe: no
- Claire Snyder-Hall: yes
- Jeffrey N. Spiegelman: other
- Jesse R. Vanderwende: no
- Madinah Wilson-Anton: yes
- Lyndon D. Yearick: no
Related bills
No related bills recorded for this bill.
Official source
Attribution
Data from openstates_bulk_csv, retrieved 2026-07-24T03:53:51.443619Z
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