The bill aims to address the housing crisis in Washington State by limiting the ability of large investment and business entities to purchase single-family residential properties. It establishes that a business entity with an interest in more than 50 such properties cannot acquire additional ones, while investment entities are completely prohibited from purchasing single-family homes. The bill defines "business entity" and "investment entity," and outlines exceptions for nonprofit organizations, certain modifications to properties, and specific acquisition scenarios. It emphasizes that these measures are in the public interest and are intended to preserve homeownership opportunities for families of moderate incomes.

Additionally, the bill amends existing laws regarding civil penalties for violations of consumer protection regulations. It introduces a new civil penalty of up to $100,000 for violations of the new section regarding property acquisitions, along with a requirement to sell the property in violation to an independent third party within one year of a court judgment. Enhanced penalties are also established for unlawful acts targeting specific demographic groups. The bill mandates that the Attorney General evaluate the effectiveness of these penalties every five years and report findings to the legislature.

Statutes affected:
Original Bill: 19.86.140
Substitute Bill: 19.86.140