Michigan SB0971 regulates out-of-state investors purchasing single-family residences, requiring registration and limiting ownership to 10 residences.

Michigan SB0971, the "residential homeownership accessibility act," mandates that out-of-state investors register with the Michigan State Housing Development Authority (MSHDA) before buying single-family residences in the state. Investors must provide business name, contact information, and other details. The act limits out-of-state investors to owning no more than 10 single-family residences. Violations incur civil fines of up to $100,000 per residence, with fines deposited into the housing development fund.

Michigan SB0971 regulates out-of-state investors purchasing single-family residences, requiring registration and limiting ownership to 10 residences.

Michigan SB0971, the "residential homeownership accessibility act," mandates that out-of-state investors register with the Michigan State Housing Development Authority (MSHDA) before buying single-family residences in the state. Investors must provide business name, contact information, and other details. The act limits out-of-state investors to owning no more than 10 single-family residences. Violations incur civil fines of up to $100,000 per residence, with fines deposited into the housing development fund.