Michigan SB1126 limits the number of single-family homes a limited liability company can lease.

Michigan SB1126 amends the limited liability company act to prohibit companies owning 100 or more single-family homes in the state from leasing to residential tenants. A single-family home is defined as a fully detached or semidetached building, a unit in a building with multiple units owned by a single owner, or a unit in a building with multiple units owned by separate owners. Violators face a civil fine of up to $100,000. The fine must be collected by the county prosecutor or the attorney general and deposited in the limited community housing stability fund.

Michigan SB1126 limits the number of single-family homes a limited liability company can lease.

Michigan SB1126 amends the limited liability company act to prohibit companies owning 100 or more single-family homes in the state from leasing to residential tenants. A single-family home is defined as a fully detached or semidetached building, a unit in a building with multiple units owned by a single owner, or a unit in a building with multiple units owned by separate owners. Violators face a civil fine of up to $100,000. The fine must be collected by the county prosecutor or the attorney general and deposited in the limited community housing stability fund.