This bill establishes new regulations regarding the ownership of single-family residential properties by business entities in Florida. It creates a new section, 692.041, which defines "business entity" and "single-family residential property." The bill prohibits any business entity that owns more than 1,000 single-family residential properties from purchasing or acquiring additional properties for the purpose of leasing or renting them. Additionally, it specifies that sellers of single-family residential properties to such business entities will not be held liable for any violations of this section.

The bill also empowers the Attorney General to initiate civil actions against business entities that violate these regulations. If the Attorney General is successful in court, the bill mandates a civil penalty of $100,000 for each violation, requires the offending business entity to sell the property to an independent third party within one year, and allows for the recovery of reasonable attorney fees and costs. The remedies provided in this section are designated as the exclusive means of addressing violations. The act is set to take effect on July 1, 2025.