This bill establishes a public registry of rents within each county, requiring landlords to report the monthly rent charged for their properties along with specific property details such as square footage and the number of bedrooms and bathrooms. Landlords must submit this information annually by December 31, along with a signed and notarized affidavit confirming that they have not used any algorithms or software to determine rental rates. Additionally, landlords are required to notify the register of deeds within 30 days if there is a change in rent. The registry will be accessible to the public.

Furthermore, the bill amends existing law by inserting a new paragraph that explicitly prohibits landlords from using algorithms or software to set rental rates. This prohibition is aimed at ensuring transparency and fairness in rental pricing. The act will take effect 60 days after its passage. The fiscal impact of implementing this registry is expected to result in indeterminable increases in county expenditures due to the need for research, new software, and potentially additional staffing to manage the registry.

Statutes affected:
Introduced: 540-A:3