Bill > HB0149

This bill introduces restrictions on institutional investors purchasing single-family homes in Utah by defining key terms and establishing clear limitations. Specifically, the bill defines an "institutional investor" as a partnership, corporation, limited liability company, or trust, while explicitly excluding affordable housing nonprofit corporations, family trusts, and family limited liability companies from this definition. The bill defines "single-family housing" as a detached dwelling used as a primary or secondary residence, situated on its own land parcel. Under the proposed legislation, institutional investors are prohibited from purchasing single-family homes in Utah, and any institutional investor that violates this restriction must sell the property within one year of acquisition. The bill carefully delineates what constitutes a family trust and a family limited liability company, ensuring that small, family-owned entities are not impacted by the restriction. The provisions are set to take effect on May 7, 2025, giving institutional investors and the real estate market time to prepare for the new regulation. The primary intent appears to be protecting the single-family home market from large-scale corporate buying that could potentially reduce housing availability or drive up prices for individual homebuyers.

https://le.utah.gov/~2025/bills/static/HB0149.html