HB 1703

This bill requires, o n or after January 1, 2027, a corporation, limited liability company, limited liability partnership, or limited partnership that purchases or acquires for consideration residential rental property in this state (" institutional buyer "") to register its purchase or acquisition of residential rental property in this state with the secretary of state. Registration must be made (i) i n such form and manner as prescribed by the secretary of state and ( ii ) w ithin the later of 60 days after Jan uary 1, 2027 or t he date the institutional buyer purchases or acquires the residential rental property. This bill requires the secretary of state to require that registration pursuant to this bill includes all of the following:  The name of the institutional buyer .  The physical address of each residential rental property owned by the institutional buyer .  The street address and zip code of the institutional buyer's registered office and the name of its registered agent at that office in this state .  The name, street address, including the zip code, mailing address such as a post office box if the United States postal service does not deliver to the street address, and contact information, including a telephone number and electronic mail address, of at least one natural person who has management responsibility for the residential rental property .  The number of rental units within the residential rental property. CIVIL PENALTY If the secretary of state finds that an institutional buyer violates this bill by failing to timely register, then this bill requires the secretary of state to assess a civil penalty not to exceed $2, 000 for each violation. PUBLIC RECORD This bill provides that a registration filed under this bill is a public record . The secretary of state must make the information reported on a registration available for viewing by the public on a website or database in a format that is searchable. RULEMAKING This bill authorizes the secretary of state to promulgate rules to effectuate this bill ."