The bill amends Chapter 34-27 of the General Laws, specifically by adding a new section that prohibits foreclosure bundling. The purpose of this section is to give prospective owner-occupants and eligible bidders the first chance to purchase properties acquired through foreclosure by entities that annually foreclose on twenty-five or more residential real properties in Rhode Island. It aims to promote owner occupancy, strengthen neighborhoods, and ensure that offers from owner-occupants and affordable housing providers are considered before investor offers during a designated first look period.

The bill defines key terms such as "bundled sale," "eligible bidder," "institution," and "prospective owner-occupant." It outlines the process for selling foreclosed properties, requiring institutions to only accept offers from eligible bidders during the first thirty days after the property is listed for sale. Eligible bidders must submit an affidavit or declaration with their offer, and institutions are required to respond to these offers in writing before considering others. The bill also establishes that fraudulent statements may lead to criminal or civil liability and explicitly prohibits institutions from conducting bundled sales. The act is set to take effect on January 1, 2025.