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 single-family homes they acquire for a period of five years following the purchase. The bill defines "institutional investor" and outlines exemptions for certain entities, such as nonprofit organizations focused on affordable housing, small institutional investors, and financial institutions acquiring homes through foreclosure.

Violations of the bill will result in the institutional investor being required to sell the home within six months, with profits directed to the Attorney General. The bill also establishes civil penalties of up to $50,000 for violations, with collected penalties funding down payment assistance programs for families purchasing single-family homes. Furthermore, it allows affected individuals or entities to file complaints and seek damages of $20,000, which will be distributed among those harmed by the violation. The bill is set to take effect six months after enactment, applying to all relevant transactions occurring thereafter.