This bill aims to regulate the activities of institutional investors concerning the ownership and leasing of single-family homes in New Jersey. It prohibits these investors from contacting homeowners or their agents, placing bids, or purchasing single-family homes during the first 75 days that the homes are on the market. Additionally, it restricts institutional investors from leasing any acquired single-family homes for a period of five years following their purchase. The bill defines key terms such as "institutional investor," "affordable housing," and "single-family home," and outlines exemptions for certain entities, including nonprofit organizations and small institutional investors.

Violations of the bill will result in significant penalties, including the requirement for the investor to sell the home within six months and pay any profits to the Attorney General. A civil penalty of up to $50,000 may also be imposed, with the collected funds directed to the New Jersey Housing and Mortgage Finance Agency to support down payment assistance programs. Furthermore, the bill allows individuals adversely affected by violations to file complaints and seek recovery of damages. The provisions of the bill will take effect six months after enactment, applying to all relevant transactions occurring thereafter.