The bill amends the Business Corporation Act of 1972 by adding a new section, 262, which imposes restrictions on private equity firms regarding the leasing of single-family homes. Specifically, it prohibits private equity firms from leasing a single-family home to a residential tenant if they own five or more single-family homes within a single municipality or ten or more within the state. Violations of this provision can result in a civil fine of up to $100,000, which can be enforced by the county prosecutor or the attorney general, with collected fines directed to the community housing stability fund.

Additionally, the bill provides definitions for key terms such as "lease," "municipality," "private equity firm," "residential tenant," and "single-family home." The bill also includes new legal language that prescribes penalties and civil sanctions for violations of the act. Importantly, the enactment of this amendatory act is contingent upon the passage of Senate Bill No. 1127 of the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 450.1101, 450.2098