A bill to prohibit certain companies from acquiring or purchasing certain residential property; to provide for the powers and duties of certain state officers and entities; and to prescribe certain penalties, civil sanctions, and remedies.
Prohibits large institutional investors from purchasing most single-family homes in Michigan, with specific exceptions and penalties, to encourage homeownership and limit corporate influence in the housing market.
Co-sponsored by Reps.
Referred to the Committee on Regulatory Reform
Discharged from committee
Substitute H-1 offered
by
The substitute passed by voice vote
1. Amend page 2, line 5, after “local” by striking out “business” and inserting “building”.
2. Amend page 2, following line 8, by inserting:
“(iii) Purchased pursuant to a homeownership program that meets all of the following requirements:
(A) Requires rental payments and any other fees that are not greater than those collected by the large institutional investor on other similarly situated single-family homes not covered by the eligible homeownership program.
(B) Is subject to a contract between the large institutional investor and renter that is considered a consumer credit transaction secured by a dwelling or real property.
(C) Provides for positive reporting of rental payments to consumer reporting agencies for any renter who is informed of and opts into the reporting.
(D) Requires contribution of meaningful financial support from the large institutional investor, including price concessions, for the purchase of the single-family home by the renter.
(iv) Purchased pursuant to a program to boost homeownership that meets all of the following requirements:
(A) Provides for positive reporting of rental payments to consumer reporting agencies for any renter who is informed of and opts into the reporting.
(B) Provides for a right of first refusal and a 30-day first look period.
(C) May provide meaningful financial support from the large institutional investor, including price concessions, to the renter for the purchase of a single-family home by the renter. The meaningful financial support may be for the purchase of the single-family home the renter occupies or another home.”.
The amendment passed by voice vote
Passed in the House 102 to 3 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Referred to the Committee on Housing and Human Services
Discharged from committee
Referred to the Committee of the Whole
Reported with substitute S-1
Substitute S-1 concurred in by voice vote
1. Amend page 5, following line 9, by inserting:
“Enacting section 1. This act does not take effect unless all of the following bills of the 103rd Legislature are enacted into law:
(a) House Bill No. 4007.
(b) House Bill No. 4283.”.
The amendment was withdrawn
Passed in the Senate 29 to 7 (details)
Motion to give immediate effect
by
The motion prevailed by voice vote
Substitute S-1 concurred in 104 to 2 (details)
