A5257

New Jersey A5257 prohibits certain entities from acquiring single-family homes within the first 60 days on the market.

New Jersey A5257 prohibits covered entities, including institutional investors, from contacting the owner or agent of a single-family home during the first 60 days it is on the market. It also prohibits these entities from bidding on or purchasing the home during this period. A covered entity that violates the bill is liable for a civil penalty up to $250,000 per violation, plus fees and expenses. The bill defines a covered entity as a person or entity that pools capital to purchase securities, real property, and other investment assets or originates loans.