Explanation
BACKGROUND: This legislation enacts Chapter 4518 of the Columbus City Codes to create a Residential Property Wholesaler Registry.
Title
To enact Chapter 4518 of the Columbus City Codes to create a Residential Property Wholesaler Registry.
Body
WHEREAS, properties in our neighborhoods are being bought at an alarming rate by out of state investors; and
WHEREAS, wholesaling remains an unregulated industry; and
WHEREAS, ensuring that our most vulnerable residents are protected is of the utmost importance; and
WHEREAS, requiring wholesalers to register will help to ensure ethical, transparent, and responsible practices associated with wholesaling; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That Chapter 4518 of the Columbus City Codes be enacted to read as follows:
Chapter 4518 REGISTRY OF RESIDENTIAL PROPERTY WHOLESALERS
4518.01 Registry of Residential Property Wholesalers.
There is hereby created in the Department a Registry of Residential Property Wholesalers. The purpose of this registry is to ensure ethical, transparent and responsible practices associated with wholesaling Residential Property Wholesaling. The registry will help develop a structure for regular reporting, verification, and information collection on wholesaling Residential Property Wholesaling transactions. Additionally, the registry will help to promote and uphold a high standard of ethical conduct for wholesaling Residential Property Wholesaling by requiring the disclosure of all pertinent information that that will assist individuals in making an informed decision when entering into a wholesaling Residential Property Wholesaling transaction. This registry shall be available for public inspection during regular business hours of the Department. The Director is authorized to promulgate rules and regulations related to the operation and enforcement of the Registry of Residential Property Wholesalers consistent with the registry’s...
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