This bill aims to limit the ownership of single-family homes by private equity companies in Minnesota. It introduces a new section in the Minnesota Statutes, specifically section 500.50, which prohibits private equity companies from having any direct or indirect ownership interest in single-family homes. The bill defines key terms such as "family entity," "homestead," and "private equity company," and outlines exemptions for private equity companies that own fewer than 100 single-family homes. Additionally, it mandates that these companies disclose certain information to the attorney general if they fall under the exemption.

The bill also establishes penalties for violations, imposing a civil penalty of $100,000 per violation, which the attorney general is authorized to enforce. Before taking action, the attorney general must provide written notice of the alleged violation at least 90 days in advance. Any penalties collected will be directed to the workforce and affordable homeownership development account. The provisions of this bill will take effect on August 1, 2026, and will apply to interests in real property acquired on or after that date.

Statutes affected:
Introduction: 287.21, 287.29