The bill amends the Michigan Limited Liability Company Act by adding a new section, 217, which imposes restrictions on limited liability companies (LLCs) regarding the leasing of single-family homes. Specifically, it prohibits any LLC that owns 100 or more single-family homes in Michigan from leasing such properties to residential tenants. The bill also establishes penalties for violations, allowing for a civil fine of up to $100,000, which can be enforced by the county prosecutor or the attorney general. Fines collected will be directed to the community housing stability fund.

Additionally, the bill updates the title of the act to include provisions for penalties and civil sanctions for violations, replacing the previous language that only mentioned remedies. The definitions of key terms such as "lease," "residential tenant," and "single-family home" are also provided to clarify the scope of the new regulations. The enactment of this bill is contingent upon the passage of Senate Bill No. 1127 of the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 450.4101, 450.5200