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. The new legal language inserted into the law includes provisions that define "single-family housing," "multi-family housing," and "accessory dwelling unit," and establishes that such properties may only be acquired by natural persons for the first 90 days they are on the market. Exceptions allow non-natural persons to acquire these properties 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.

Additionally, the bill outlines enforcement mechanisms, including penalties for non-compliance, such as escheatment of the property to the municipality if acquired in violation of the law. It also specifies that existing laws regarding mortgages and lending processes remain unchanged and allows natural persons to place their property in trusts. The effective date for these provisions is set for January 1, 2026. The bill does not provide funding for the implementation of the new registration process, which may require significant upgrades to the current business registration system, leading to indeterminable costs for the state.