The proposed bill, titled the "Residential Homeownership Accessibility Act," aims to regulate the acquisition of single-family residences by out-of-state investors in Michigan. It establishes that out-of-state investors are prohibited from purchasing or acquiring more than ten single-family residences within the state. If an out-of-state investor already owns more than ten residences at the time the act takes effect, they may retain ownership but cannot acquire additional properties until their holdings fall below the limit. The bill also mandates that out-of-state investors must register with the Michigan State Housing Development Authority (MSHDA) before making any purchases, providing necessary contact information, and paying a registration fee.

Additionally, the bill outlines penalties for violations, including civil fines of $100,000 for each unlawful acquisition and $20,000 for failure to register or providing misleading information. The MSHDA is tasked with enforcing these regulations, maintaining a registry of out-of-state investors, and reporting violations to the attorney general. Certain exemptions are included, such as for governmental entities, nonprofit organizations, and transfers within an out-of-state investor's ownership. Overall, the bill seeks to enhance homeownership accessibility for Michigan residents by limiting the influence of external investors in the housing market.