Plain English Breakdown
The official text states terms will be defined but does not provide those definitions, so meanings in 'terms_to_know' rely on general understanding rather than specific bill language.
Limits on Large Corporate Owners of Single-Family Homes
This law stops business entities that own more than 1,000 single-family homes from buying or leasing additional ones.
What This Bill Does
- Prohibits a defined business entity with an interest in over 1,000 single-family residential properties from purchasing another one to lease it out.
- Allows the Attorney General to file a civil lawsuit against any business that breaks this rule.
- Requires courts to order violators to pay a $100,000 penalty for each violation if the state wins the case.
- Orders violating businesses to sell the property they illegally bought to an independent third party within one year of the court judgment.
- States that these rules are the only way to enforce this law.
Who It Names or Affects
- Business entities defined by the bill that own more than 1,000 single-family residential properties.
- The Attorney General's office responsible for enforcing the rule through civil actions.
- Courts required to order penalties and property sales in enforcement cases.
Terms To Know
- Business entity
- A company or organization defined by this bill that owns real estate properties.
- Single-family residential property
- A home designed for one family to live in, such as a detached house.
Limits and Unknowns
- The bill does not specify the exact legal definition of 'business entity' beyond stating it is defined within the text.
- The effective date of this law is not listed in the provided source material.
- The specific details on how a property must be sold to an independent third party are not described.