AN ACT relating to real property; limiting, with certain exceptions, the total aggregate number of units of residential real property in this State that may be purchased in any 1 calendar year by certain corporate investors; requiring the registration of certain corporate investors in residential property in this State with the Securities Division of the Office of the Secretary of State; requiring that certain deeds relating to residential real property include certain information about corporate investors; making an appropriation; and providing other matters properly relating thereto.

Section 1 of this bill provides, with certain exceptions, that: (1) the total aggregate number of units of residential real property in this State that may be purchased in any 1 calendar year by corporations, limited-liability companies and any affiliates of such entities must not exceed 1,000 units; and (2) a corporation, limited-liability company or affiliate of such an entity is prohibited from purchasing any unit of residential real property in this State if, as a result of the purchase, the total aggregate number of units of residential real property purchased in this State during the current calendar year by corporations, limited-liability companies or any affiliates of such entities would exceed 1,000 units. Section 1 also requires the creation and maintenance of a registry of corporations, limited-liability companies and any affiliates of such entities that purchase or own residential real property in this State by the Securities Division of the Office of the Secretary of State. Section 1 requires, with certain exceptions, a corporation, limited-liability company or any affiliate of such an entity to register with the Securities Division before purchasing any residential real property in this State. Section 1: (1) authorizes the Secretary of State to charge a fee to each such corporation, limited-liability company or any affiliate of such an entity; and (2) requires the Secretary of State to adopt regulations necessary to carry out the provisions of section 1. For the purposes of section 1, the term “corporation” does not include a family trust company or a housing authority. Section 2 of this bill provides, with certain exceptions, that if a corporation, limited-liability company or any affiliate of such an entity purchases residential real property, the deed must: (1) be accompanied by a copy of the certificate of registration issued by the Secretary of State; and (2) clearly set forth that the residential real property is not the primary residence of the owner. Section 2 also prohibits the county recorder from recording the deed unless the deed: (1) contains information about the ownership of the corporation, limited-liability company or any affiliate of such an entity, as set forth in the registry created pursuant to section 1; and (2) clearly sets forth that the residential real property is not the primary residence of the owner. Section 3 of this bill makes an appropriation to the Office of the Secretary of State for personnel, travel, operating, equipment, information services and contractor costs to carry out the provisions of section 1.