This bill aims to prohibit private equity companies from owning single-family homes in Minnesota. It defines a "private equity company" as an investor or group of investors involved in capital raising and asset management, while excluding certain entities such as government units, land trusts, nonprofits focused on affordable housing, housing development corporations, and mortgage note holders who acquire homes through foreclosure. The bill specifies that a private equity company cannot have a direct or indirect ownership interest in single-family homes, although individual natural persons can still acquire ownership of properties classified as homestead for tax purposes.

Additionally, the bill grants enforcement authority to the attorney general, allowing them to take action against violations of this prohibition. The new law is proposed to be codified in Minnesota Statutes, chapter 500, and is set to take effect on August 1, 2026, applying to any interests in real property acquired on or after that date.