Bill > HB1055

This bill, known as the Neighborhood Ownership, Transparency, and Accountability (NOTA) Act, aims to address concerns about large business entities acquiring single-family homes for rental purposes, which can drive up housing costs and reduce homeownership opportunities. Specifically, it prohibits any entity, along with its affiliates (meaning related companies or individuals), from purchasing a single-family home in counties with over 150,000 residents if they already own 25 or more single-family homes primarily used for rentals. These entities must also report detailed financial information, including any financing of $5 million or more, the number of properties owned, eviction data, and specific property details like rent and appraised value, to the Secretary of State annually. Furthermore, they are required to conduct property inspections to ensure compliance with local regulations and make the results public upon request. The Attorney General is empowered to enforce these provisions through civil actions, seeking penalties and other relief, and individuals or local governments can also bring lawsuits for violations, potentially recovering damages, attorney fees, and punitive damages. The bill allows for the joinder of affiliates in legal actions and establishes joint and several liability, meaning all responsible parties can be held accountable for the full extent of damages.

Justice

https://www.legis.ga.gov/legislation/72480