This bill introduces restrictions on the acquisition of single-family and multi-family housing, allowing only natural persons to purchase such properties for a period of 90 days after they are listed on the market. Non-natural persons, such as corporations, may acquire these properties under specific exceptions, including for non-housing development or for the purpose of developing housing, but they must register their ownership with the Secretary of State within 60 days of acquisition and file annual reports. The bill also stipulates that properties acquired by non-natural persons prior to January 1, 2026, are exempt from these restrictions, provided that any successor in interest is not another non-natural person unless allowed by other exceptions.

The bill includes provisions for enforcement, stating that violations will be reported to the attorney general, who may investigate and take action. If a court finds that a non-natural person has acquired property in violation of the law, the property may be escheated to the municipality or county, with specific procedures for handling the proceeds from any sale. Additionally, a civil penalty of up to $5,000 may be imposed for failure to comply with registration or reporting requirements. The act is set to take effect on January 1, 2026, and does not alter existing laws regarding mortgages or the ability of natural persons to place property in trusts.