SB 3674

Creates the Multi-Unit Residential Rental Property Right of First Refusal Act. Requires the owner of a multi-unit residential rental property that offers the property for sale to provide written notice to each tenant and the tenants' association offering the tenants' association an opportunity to purchase the property at a price and terms that represent a bona fide offer of sale. Exempts property governed by the Condominium Property Act. Provides that the tenants, by and through the tenants' association, have the right to purchase the residential rental property if the tenants meet the price, terms, and conditions of the property owner by executing a contract with the property owner within 60 days, unless agreed to otherwise, from the date of mailing of the notice. Provides that, if a contract between the owner and the association is not executed within the 60-day period, the property owner has no further obligation under the Act unless the owner thereafter elects to offer the property at a price materially lower than the price specified in the notice provided to the association. Defines a materially lower price as a price that is at least 20% lower than the price specified in the notice to the officers of the tenants' association. Provides that if the property owner thereafter elects to offer the property at a price materially lower than the price specified in the notice, the tenants, by and through the tenants' association, have an additional 10 days to meet the new price, terms, and conditions by executing a contract. Provides this right to purchase the property is void if no contract for sale by the tenants' association and the property owner has been reached within the 60-day period or any additional 10-day period. Authorizes the property owner to record in the county in which the property is located an affidavit that the owner has complied with the Act's requirements. Specifies that if the tenants wish to exercise the rights under the Act, they must form an association that must be a corporation or a not-for-profit corporation with the written consent of two-thirds of all of the tenants. Sets out requirements for matters to be included in the articles of incorporation, bylaws, and power and duties of the tenants' association. Allows an aggrieved party to file a civil action for damages. Makes other changes.