This bill mandates that leases for land, buildings, or space by state agencies must be set at a fair market rate, unless a sub-market rate is mutually agreed upon by the property owner. The new legal language introduced in RSA 4 includes a section (4:39-g) that specifies that any renewal of such leases must adhere to this fair market value requirement, with the exception of leases obtained through a competitive selection or bidding process. Additionally, it clarifies that any extra costs, such as utilities and custodial services, should be negotiated separately.

The bill also establishes an effective date, stating that it will come into effect 60 days after its passage, specifically on September 5, 2025. The language that is deleted from current law is not explicitly mentioned in the provided text, but the focus is on the new requirements for lease agreements to ensure fairness in pricing for state agency leases.