Regulator of G protein-coupled receptor (GPCR) signaling. Regulatory subunit of the R7-Gbeta5 complexes that acts by controlling the subcellular location of the R7-Gbeta5 complexes. When palmitoylated, it targets the R7-Gbeta5 complexes to the plasma membrane, leading to inhibit G protein alpha subunits. When it is unpalmitoylated, the R7-Gbeta5 complexes undergo a nuclear/cytoplasmic shuttling. May also act by controlling the proteolytic stability of R7 proteins, probably by protecting them from degradation. Interacts with 'R7' family proteins RGS6, RGS7, RGS9 and RGS11. Component of some R7-Gbeta5 complex composed of some R7 protein (RGS6, RGS7, RGS9 or RGS11), Gbeta5 (GNB5) and RGS7BP. Shuttling between the plasma membrane, the cytoplasm and the nucleus is regulated by palmitoylation. The nuclear localization signal is both required for nuclear localization and palmitoylation. Palmitoylated (PubMed:21343290). Undergoes rapid palmitoylation turnover (PubMed:21343290). De novo and turnover palmitoylation are both mediated by ZDHHC2 (PubMed:21343290). Palmitoylation regulates the cell membrane and nuclear shuttling and the regulation of GPCR signaling (By similarity). Upon depalmitoylation, it is targeted from the plasma membrane into the nucleus (By similarity). GPCR signaling inhibits depalmitoylation and promotes localization to the plasma membrane (PubMed:21343290). Belongs to the RGS7BP/RGS9BP family.