Prohibits certain entities from acquiring single family home within first 60 days on market.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed General Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill aims to limit the ability of certain entities, often referred to as ‘institutional investors,’ from quickly purchasing single-family homes within the first 60 days of being listed on the market in New Jersey. It defines ‘covered entities’ and prohibits them from contacting homeowners or placing bids during this period, with the goal of preventing a concentration of single-family homes in the hands of large investors and preserving opportunities for individual homebuyers. The bill also establishes penalties for violations and requires disclosures from covered entities.
Bill text
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Document of record
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Sponsors
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2 on record
Primary sponsors
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