Relating to sale of single-family residences.

From the Legislature

This Act bans some large entities from buying some houses until the houses have been listed for sale on the market for at least 90 days. This Act makes those entities give a notice form to the seller of the house and the Department of Justice. This Act allows the department to enforce the ban and notice form, including the power to impose civil penalties and seek attorney fees and costs in court. (Flesch Readability Score: 62.7). [Digest: This Act forbids some house purchases by large investors who do not wait 90 days and give notices and awards damages to those who sue law breakers. (Flesch Readability Score: 60.3).] Prohibits covered entities from purchasing, acquiring or offering to purchase or acquire a single-family residence unless the residence has been listed for sale to the general public for at least 90 days. Requires a covered entity, upon making or accepting an offer to purchase or acquire a single-family residence, to submit a completed and notarized disclosure form to the seller or seller's agent. Requires the covered entity to submit a copy of the form to the Department of Justice within three days of submitting the form to the seller or seller's agent. [Authorizes any person to bring a civil action in circuit court against a covered entity for a violation of the 90-day waiting period or disclosure form requirements or to otherwise compel compliance with those requirements. Provides for statutory damages.] Authorizes the Attorney General to bring a civil action in circuit court against a covered entity for declaratory relief, to restrain a threatened or actual violation of the 90-day waiting period or the disclosure form requirements or to otherwise compel compliance with those requirements. Authorizes the Attorney General to serve and enforce an investigative demand on a person with relevant information, or a person with information that could lead to the discovery of relevant information, in an investigation of a violation of the 90-day waiting period or the disclosure form requirements. Authorizes the Attorney General to impose a civil penalty against a covered entity upon finding a violation of the 90-day waiting period or the disclosure form requirements. Allows a court to award the costs of investigation and reasonable attorney fees if the Attorney General prevails in a civil action or imposes a civil penalty.