This bill aims to regulate residential rentals by corporate owners in Minnesota and establish a statewide landlord database. It mandates the creation of a database by the Housing Finance Agency, which will collect essential information from landlords, including the names of property owners, rental prices, and licensing details. Landlords are required to submit this information before renting a unit and update it annually. The database will be publicly accessible at no cost, allowing tenants to report any landlords or properties not listed. Additionally, the bill outlines enforcement mechanisms, including penalties for non-compliance and the ability for tenants to notify the agency if they cannot find their landlord in the database.

Furthermore, the bill imposes restrictions on corporate owners renting single-family homes, prohibiting them from doing so if they own ten or more such properties. Individual owners face similar restrictions if they own twenty or more properties. Exceptions to these restrictions are provided for certain entities, such as government units and nonprofits. The bill also allows corporate owners to apply for exemptions, which will be evaluated based on their impact on affordable housing availability. Violations of these provisions can result in significant civil fines, and the bill is set to take effect on August 1, 2024, with a two-year period for corporate owners to divest from properties that violate the new regulations.