This bill, titled "AN ACT relative to prohibiting corporations from purchasing single-family homes for a certain amount of time," aims to restrict the acquisition of single-family and multi-family housing to natural persons, with specific exceptions. Under the new legal language, real estate with single-family or multi-family housing may only be acquired by natural persons for the first 90 days it is on the market. Exceptions include acquisitions for non-housing development purposes, which must be converted to another use within five years, and acquisitions by non-natural persons for development, which can be held for up to two years after an occupancy permit is issued, provided they demonstrate efforts to sell to a natural person. Additionally, any non-natural person acquiring such properties after January 1, 2026, must register with the Secretary of State within 60 days and file annual reports.

The bill also includes provisions for enforcement and penalties. If a non-natural person violates the acquisition restrictions or fails to register or report as required, the Secretary of State will report the violation to the Attorney General, who may investigate. The court may declare the property escheated to the municipality if it is found to have been acquired in violation of the law, and a civil penalty of up to $5,000 may be imposed for failure to comply with registration or reporting requirements. The effective date for these provisions is set for January 1, 2026.