This bill aims to restrict certain institutional investors from purchasing single-family homes in New Jersey during the first 75 days that these homes are on the market. It defines "institutional investor" and outlines specific exemptions, including nonprofit organizations focused on affordable housing, small institutional investors, and financial institutions acquiring homes through foreclosure. The bill mandates that institutional investors submit an annual report to the Director of the Division of Taxation, detailing their purchases and bids on single-family homes.

Violations of the bill's provisions would result in significant penalties, including a civil penalty of at least $20,000 for each violation, with the potential for additional penalties up to $40,000. If an institutional investor violates the bidding prohibition, they must sell the home within six months, with profits directed to the Attorney General and affected parties. The bill also establishes that such violations constitute unlawful practices under the New Jersey consumer fraud act. The bill is set to take effect six months after enactment, applying to all relevant transactions occurring thereafter.