Read the full stored bill text
House
File
2207
-
Introduced
HOUSE
FILE
2207
BY
BAGNIEWSKI
A
BILL
FOR
An
Act
relating
to
the
purchase
of
single-family
residences
by
1
certain
business
entities.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5764YH
(2)
91
lh/jh
H.F.
2207
Section
1.
Section
558.1B,
Code
2026,
is
amended
by
adding
1
the
following
new
subsections:
2
NEW
SUBSECTION
.
4.
“Private
equity
entity”
means
a
3
corporation,
limited
liability
company,
partnership,
trust,
4
real
estate
investment
trust,
investment
fund,
or
other
legal
5
entity,
other
than
an
individual,
that
pools
capital
from
one
6
or
more
investors
for
the
purpose
of
acquiring
residential
real
7
property
for
investment,
rental,
or
resale.
8
NEW
SUBSECTION
.
5.
“Single-family
residence”
means
a
9
residential
dwelling
designed
for
occupancy
by
one
household
10
and
located
on
property
zoned
for
single-family
residential
11
use,
including
a
detached
dwelling
or
townhouse,
but
excluding
12
duplexes,
multifamily
dwellings,
and
condominiums.
13
Sec.
2.
Section
558.41,
Code
2026,
is
amended
by
adding
the
14
following
new
subsection:
15
NEW
SUBSECTION
.
5.
Private
equity
entity
acquisition
16
restrictions.
A
county
recorder
shall
not
record
a
deed
17
conveying
a
single-family
residence
to
a
private
equity
entity
18
unless
the
deed
is
accompanied
by
a
sworn
affidavit
executed
by
19
the
grantee
and
grantor
affirming
that
the
acquisition
complies
20
with
section
558.73.
21
Sec.
3.
NEW
SECTION
.
558.73
Purchase
restrictions
on
22
single-family
residences.
23
1.
a.
A
private
equity
entity
shall
not
purchase,
contract
24
to
purchase,
or
otherwise
acquire
a
single-family
residence
25
during
the
first
seventy-five
days
that
the
residence
is
listed
26
for
sale
on
the
open
market.
27
b.
The
seventy-five-day
period
begins
on
the
date
the
28
single-family
residence
is
first
offered
for
sale
through
a
29
multiple
listing
service,
licensed
real
estate
broker,
or
30
publicly
accessible
listing
platform.
31
c.
A
private
equity
entity
shall
not
evade
the
requirements
32
of
this
section
through
the
use
of
subsidiaries,
affiliates,
33
or
agents.
34
2.
A
private
equity
entity
acquiring
a
single-family
35
-1-
LSB
5764YH
(2)
91
lh/jh
1/
2
H.F.
2207
residence
shall
submit
a
sworn
affidavit
stating
either
of
the
1
following:
2
a.
The
acquisition
occurs
after
the
expiration
of
the
3
seventy-five-day
period
required
under
subsection
1.
4
b.
The
acquisition
is
otherwise
exempt
under
state
or
5
federal
law.
6
EXPLANATION
7
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
8
the
explanation’s
substance
by
the
members
of
the
general
assembly.
9
This
bill
relates
to
the
purchase
of
single-family
homes
by
10
certain
business
entities.
11
The
bill
defines
“private
equity
entity”
and
“single-family
12
residence”.
The
bill
prohibits
a
private
equity
entity
from
13
purchasing,
contracting
to
purchase,
or
otherwise
acquiring
14
a
single-family
residence
during
the
first
75
days
that
the
15
residence
is
listed
for
sale
on
the
open
market.
The
75-day
16
period
begins
on
the
date
the
residence
is
first
listed
through
17
a
multiple
listing
service,
licensed
real
estate
broker,
or
18
publicly
accessible
listing
platform.
The
bill
prohibits
19
evasion
of
this
restriction
through
subsidiaries,
affiliates,
20
or
agents.
21
The
bill
also
requires
a
private
equity
entity
to
submit
22
a
sworn
affidavit
to
the
county
recorder
affirming
that
23
the
acquisition
complies
with
the
75-day
restriction
or
is
24
otherwise
exempt
under
law.
The
county
recorder
is
prohibited
25
from
recording
a
deed
conveying
a
single-family
residence
to
26
a
private
equity
entity
unless
the
affidavit
accompanies
the
27
deed.
28
-2-
LSB
5764YH
(2)
91
lh/jh
2/
2