This bill aims to restrict certain entities, referred to as "covered entities," from acquiring single-family homes during the first 60 days they are on the market. Specifically, it prohibits these entities from contacting the owners or their agents to place bids or purchase the homes during this initial period. Additionally, any single-family home acquired by a covered entity cannot be leased for five years following its purchase. The bill also establishes a legal framework for individuals or entities affected by violations to file complaints in the Superior Court of New Jersey, which may lead to penalties, including the requirement for the covered entity to sell the home and distribute profits to the Attorney General and affected parties.

Exemptions to this prohibition include tax-exempt nonprofit organizations focused on affordable housing, financial institutions involved in foreclosures, and governmental authorities. The bill also outlines penalties for violations, including civil penalties of up to $250,000 for willful infractions, and allows for the recovery of legal fees and other related costs for complainants. The Commissioner of Community Affairs is tasked with developing rules and regulations to implement the bill's provisions, which is set to take effect immediately upon passage.