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, a corporation or LLC must register with the Securities Division of the commission before purchasing a single-family residence, and the deed must indicate that the residence is not the owner's primary residence. Additionally, the county recorder is prohibited from recording the deed unless it includes specific registration information and matches the name on the certificate of registration. The bill also establishes a limit on the number of single-family residences that can be purchased by these entities, capping it at five percent of the total residences in a county or 100 units per year in larger counties.

Furthermore, the bill modifies the housing trust fund by allowing it to include funds deposited pursuant to the new registration requirements. It also mandates the commission to maintain a registry of corporations and LLCs that purchase single-family residences and requires annual reporting to state officials on the purchases and sales of these properties. Certain exemptions are included, such as for entities owning fewer than ten residences, governmental entities, and recognized nonprofit groups. Violations of the registration requirements could result in civil penalties, which would be deposited into the housing trust fund.

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