Iowa HF2698 regulates business entity-owned residential arrangements, prohibiting certain fees and actions by managing entities.

Iowa HF2698 amends the Code to regulate business entity-owned residential arrangements. The bill allows owners to transfer their ownership interest without managing entity approval and prohibits managing entities from charging fees or sharing proceeds from such transfers. It also mandates that purchase agreements clarify that they pertain to business entity interests, not residential property. Additionally, the bill prohibits governing documents from requiring dispute resolution outside state or federal courts.

Iowa HF2698 regulates business entity-owned residential arrangements, prohibiting certain fees and actions by managing entities.

Iowa HF2698 amends the Code to regulate business entity-owned residential arrangements. The bill allows owners to transfer their ownership interest without managing entity approval and prohibits managing entities from charging fees or sharing proceeds from such transfers. It also mandates that purchase agreements clarify that they pertain to business entity interests, not residential property. Additionally, the bill prohibits governing documents from requiring dispute resolution outside state or federal courts.