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 (By similarity). Palmitoylated. Undergoes rapid palmitoylation turnover. Palmitoylation regulates the cell membrane and nuclear shuttling and the regulation of GPCR signaling. Upon depalmitoylation, it is targeted from the plasma membrane into the nucleus. GPCR signaling inhibits depalmitoylation and promotes localization to the plasma membrane. Belongs to the RGS7BP/RGS9BP family.