This bill proposes a new regulation regarding the sale of single-family homes in Minnesota. It prohibits sellers or their agents from accepting offers from anyone other than owner-occupants, nonprofit organizations, or government entities for the first 14 days after a property is listed. This aims to prioritize offers from individuals or entities that are likely to occupy the home or contribute to community stability.

The bill introduces new legal language to Minnesota Statutes, specifically in chapter 500, which defines a "single-family residence" as a free-standing single-dwelling structure intended for occupancy by at least one owner. The intent of this legislation is to create a more equitable housing market by limiting the initial bidding period to certain types of buyers, thereby potentially reducing competition from investors during the critical early days of a listing.