Bill > HB1517

This bill establishes new regulations for residential property arrangements controlled by business entities, such as corporations or limited liability companies. The legislation defines key terms like "business entity," "managing entity," and "residential property," and specifically excludes timeshare plans from its scope. The bill prohibits managing entities from discriminating against property interest owners by restricting transfers, imposing maintenance requirements, or refusing interests to qualified persons, mirroring fair housing protections. Purchase agreements must clearly disclose that buyers are purchasing an interest in the entity, not the property itself, and cannot require dispute resolution outside of state or federal courts. Owners can transfer their interests without managing entity approval, and these entities are forbidden from charging transfer fees or sharing in transfer proceeds. Any violation of these provisions would be considered a deceptive trade practice under state law. The bill aims to protect property interest owners from potentially restrictive or unfair business practices by providing clear guidelines for residential property arrangements controlled by business entities. The legislation will take effect 60 days after its passage.

Housing and Urban Affairs

https://gc.nh.gov/bill_Status/billinfo.aspx?id=2038&inflect=2