HB 1501

Upon the adoption of a resolution by a 2/3 vote of the governing body of the municipality, this bill authorizes such municipality to require a real estate investment trust that owns, operates, or finances 10 or more dwelling units within the municipality 's corporate boundaries to furnish the following information with the agency or department of local government that is responsible for enforcing building codes in the municipality:  The real estate investment trust ("REIT"")'s or the REIT's agent's name, telephone number, and physical address, which does not include a post office box.  The street address and unit number, as appropriate, for each dwelling unit that the REIT owns, leases, or subleases or has the right to own, lease, or sublease. This bill requires the above information to be furnished on a form provided by the agency or department responsible for enforcing building codes. The agency or department must not collect any fee from a REIT filing the form. If any of the above information or the ownership of the dwelling units change, then this bill requires the REIT that transferred the property by sale or otherwise, or the REIT's agent, to notify the agency or department of the change within 30 days of th e change. This bill requires the agency or department of local government that is responsible for enforcing building codes in the municipality where the dwelling units are located to assess a fine of $50 per week against a REIT that fails to register or that fails to send notification of a change of information or ownership. Prior to the assessment of the fine, the REIT must be given an opportunity to appear and be heard at a hearing to be held concerning the REIT's failure to register or failure to send notifica ti on of a change of information or ownership. A written notice of the date, time, and place of the hearing must be mailed to the REIT or REIT's agent at least 15 days prior to the date of the scheduled hearing. ON FEBRUARY 19, 2026, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 1501, AS AMENDED. AMENDMENT #1 makes a grammatical clarification."