This bill proposes several updates to current statutes regarding the purchase of single-family residences by corporations and limited liability companies. It introduces new requirements for the county recorder to ensure that deeds for such purchases are only recorded if the purchasing entity is properly registered and provides a certificate of registration. Additionally, the bill mandates that the deed must explicitly state that the residence is not the primary residence of the owner. It also establishes a monthly reporting requirement for the county recorder to the corporation commission, detailing the purchases made by these entities.

Furthermore, the bill sets limits on the number of single-family residences that can be purchased by corporations or limited liability companies, capping purchases at five percent of the total residences in a census tract and a maximum of fifty units per calendar year. It also requires these entities to register with the securities division of the commission before purchasing a residence, with specific exemptions for those owning fewer than ten residences and certain nonprofit and governmental entities. The bill includes provisions for penalties for non-compliance and mandates annual reporting to state leadership on the activities of these corporations and limited liability companies in the real estate market.

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