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(1) Applications for Residential Property Wholesaler Licenses and Residential Property Wholesaler License Renewals shall be filed on forms to be provided by the Administrative Agency.
(a) Residential Property Wholesaler Licenses and Residential Property Wholesaler License Renewals shall be issued pursuant to such rules as established by the Administrative Agency and shall be valid for one year.
(b) All application and renewal forms must include:
(.1) a non-refundable application fee of two hundred dollars ($200);
(.2) proof that the applicant possesses insurance, in such type and amount as the Administrative Agency shall require;
(.3) name and address of applicant or, if the applicant is not a natural person, the name and address of a responsible natural person;
(.4) any and all Pennsylvania corporations, including all limited liability corporations, in which the applicant has an equity interest, regardless of whether the applicant has a direct equity interest or applicant's equity interest is held through one or more tiers of a corporate structure, such as parent-subsidiary structure.
(c) An applicant may only be issued a Residential Property Wholesaler License if, after a criminal history records search of the applicant has performed by the Administrative Agency, it has been determined that the applicant has not, within the past six years, been convicted of any crime of fraud, dishonesty, breach of trust or deceit, or has been convicted for violating the Public Official and Employee Ethics Law.
(d) An applicant or licensed Residential Property Wholesaler shall notify the Administrative Agency, in writing, within seventy-two (72) hours of any changes in the information contained in or submitted with the application.
(1) No Residential Property Wholesaler or applicant for a Residential Property Wholesaler License shall, in the course of soliciting Residential Property:
(a) knowingly make any substantial misrepresentations, make any false promises, untruthfully advertise, or engage in any conduct which demonstrates bad faith, dishonesty, untrustworthiness, or incompetency; or
(b) knowingly give false or misleading information when completing a Residential Property Wholesaler License application or when providing changes of information to the Administrative Agency.
(2) A significant history of violation of the prohibited conduct listed in this Section 9-5204, will be cause for refusal of a Residential Property Wholesaler License or revocation of a Residential Property Wholesaler License.
(1) A Residential Property Wholesaler must provide a Homeowner with a Disclosure at least three (3) days before presenting an offer to purchase Homeowner's Residential Property. The Disclosure must:
(a) inform the Homeowner of how to access resources that assess the fair value of residential properties including, but not limited to, the City of Philadelphia Office of Property Assessment's website and any private real estate assessment tools as may be identified by the Administrative Agency by regulation;
(b) inform the Homeowner of the seller's ability to hire a real estate agent; to seek legal counsel; and identify any other resources deemed appropriate by the Administrative Agency.
(2) The Residential Property Wholesaler must require the Homeowner to sign the Disclosure as evidence of provision of the Disclosure to Homeowner.
(1) Any agreement of sale entered into by a Residential Property Wholesaler who was not licensed as a Residential Property Wholesaler at the time of the solicitation may be rescinded at any time prior to the transfer of the title to the Homeowner's Residential Property at the sole option of the Homeowner.
(2) A violation of any other provision of this Chapter, shall be a Class III offense subject to the fines set forth in Section 1-109 of The Philadelphia Code.