This bill establishes regulations regarding the purchase of single-family residences by private equity entities in Iowa. It defines a "private equity entity" as any corporation, partnership, or other legal entity that pools capital for acquiring residential real estate for investment purposes. Additionally, it defines a "single-family residence" as a dwelling designed for occupancy by one household, excluding duplexes, multifamily dwellings, and condominiums.

The bill prohibits private equity entities from purchasing or acquiring single-family residences during the first 75 days that the property is listed for sale on the open market. This period begins when the residence is first offered through a multiple listing service or other publicly accessible platforms. To ensure compliance, private equity entities must submit a sworn affidavit to the county recorder affirming that their acquisition adheres to this 75-day restriction or is exempt under state or federal law. The county recorder is not permitted to record a deed for a single-family residence to a private equity entity without this affidavit.

Statutes affected:
Introduced: 558.1B, 558.41