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 will result in significant penalties, including a requirement for the offending institutional investor to sell the home within six months and forfeit any profits to the Attorney General. Additionally, affected individuals or entities can file complaints and seek compensation. The bill establishes civil penalties starting at $20,000 for violations, which can escalate to $40,000 per infraction. The Commissioner of Community Affairs and the Director of the Division of Taxation are tasked with creating regulations to implement the bill, which will take effect six months after enactment.