An Act amending Titles 15 (Corporations and Unincorporated Associations) and 68 (Real and Personal Property) of the Pennsylvania Consolidated Statutes, in general provisions relating to corporations and unincorporated associations, further providing for annual report; in entity transactions, further providing for grounds for administrative dissolution or cancellation and for procedure and effect; in foreign associations, further providing for termination of registration; providing for investor ownership of single-family residential property; imposing duties on the Department of State and the Office of Attorney General; and imposing penalties.
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Progress
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- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill amends Pennsylvania’s corporate and real property laws to address investor ownership of single-family residential properties. It requires corporations and unincorporated associations to report the number of properties they own zoned for single-family or low-density residential use annually. The bill also establishes grounds for administrative dissolution of entities that repeatedly violate investor ownership restrictions, outlines a process for terminating foreign associations, and imposes penalties for non-compliance. It also creates a new chapter in Title 68 dealing with investor ownership regulations, including definitions, powers for the Department of State and Office of Attorney General, and procedures for alerts and notices.
Key provisions
- Requires annual reporting of property ownership for corporations and unincorporated associations.
- Establishes grounds for administrative dissolution of entities violating investor ownership rules (10 violations in 3 years).
- Provides a process for terminating registration of foreign associations.
- Imposes restrictions on covered entities owning more than 50 or 100 properties zoned for single-family residential use.
- Creates a waiting period for covered entities to purchase single-family residential properties.
- Assigns duties to the Department of State and the Office of Attorney General regarding investor ownership oversight.
- Allows municipalities to access information on property ownership.
- Creates a permit allowing a limited number of properties to be owned by entities that would otherwise be prohibited.
Bill text
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Document of record
- Version
- Pn 3780 Html
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