SB 920 - This act prohibits business entities and investment entities, as those terms are defined in the act, that have an ownership interest in more than 50 single-family residential properties or more than 100 residential units in this state may not purchase, acquire, or otherwise obtain an interest in any additional residential properties in this state. Certain exceptions are included in the act. Additionally, sellers of residential property are exempt from liability for any violation of this prohibition.

The Attorney General (AG) is given authority to bring a cause of action in any circuit court with proper jurisdiction if the AG has reason to believe that a business entity or investment entity or any affiliate or subsidiary thereof has acquired, directly or indirectly, any residential real estate in this state on or after August 28, 2026. If the court finds that residential real estate has been acquired in violation of this act, the court shall order the sale of the residential real estate not later than 90 days after the order.

The Missouri Housing Development Commission or non-profit corporation established by the Commission may advise or report to the AG regarding any circumstances where the availability and supply of low and moderate residential housing has been adversely affected by the activities of a business entity or investment entity described in this act.

Every person who violates the terms of any injunction issued regarding enforcement of this act shall forfeit and pay a civil penalty to the state of Missouri of not more than $250,000 plus costs incurred by the AG enforcing this act or injunction issued under this act. Costs may be payable to the state legal defense fund.

SCOTT SVAGERA

Statutes affected:
Introduced (3371S.01): 442.700