This bill proposes several updates to current statutes regarding the purchase of single-family residences by corporations and limited liability companies (LLCs). Under the new provisions, the county recorder will be prohibited from recording a deed for a single-family residence purchased by a corporation or LLC unless specific conditions are met, including the registration of the corporation or LLC with the Securities Division and the submission of a certificate of registration. Additionally, the deed must explicitly state that the residence is not the owner's primary residence. The bill also establishes a cap on the number of single-family residences that can be purchased by these entities, limiting it to five percent of the total residences in a county or a maximum of 100 units per year in larger counties.

Furthermore, the bill introduces a registration requirement for corporations and LLCs before they can purchase single-family residences, with certain exemptions for those owning fewer than ten residences, governmental entities, and recognized nonprofit groups. The Securities Division will maintain a registry of these entities, and penalties will be imposed for non-compliance. The Attorney General is granted enforcement authority, and the commission is required to submit an annual report detailing the purchases and sales of single-family residences by these entities, including relevant zip codes. The bill also modifies the funding sources for the housing trust fund to include monies deposited pursuant to the new registration requirements.

Statutes affected:
Introduced Version: 33-401, 41-3955, 33-401.01, 44-4003, 44-4001, 33-1310, 44-313, 35-751, 35-313, 35-190