New Jersey A3248 prohibits certain institutional investors from purchasing or acquiring single-family homes.

New Jersey A3248 prohibits institutional investors from placing bids on, acquiring, or purchasing single-family homes, with exceptions for certain nonprofit organizations, new construction, small investors, and financial institutions. Institutional investors must report annually to the Commissioner of Community Affairs. Violations are subject to civil penalties and allow for complaints by affected parties. The bill defines "institutional investor" and "beneficial owner," and specifies that it does not apply to certain entities. The bill would take effect six months after enactment.

New Jersey A3248 prohibits certain institutional investors from purchasing or acquiring single-family homes.

New Jersey A3248 prohibits institutional investors from placing bids on, acquiring, or purchasing single-family homes, with exceptions for certain nonprofit organizations, new construction, small investors, and financial institutions. Institutional investors must report annually to the Commissioner of Community Affairs. Violations are subject to civil penalties and allow for complaints by affected parties. The bill defines "institutional investor" and "beneficial owner," and specifies that it does not apply to certain entities. The bill would take effect six months after enactment.