Signed by Governor Tina Kotek

Vote Smart's Synopsis:

Vote to concur with Senate amendments and pass a bill that prohibits institutional real estate investors from purchasing single-family houses before a 90-day public listing period in Oregon.

Highlights:

• Prohibits an institutional real estate investor from purchasing, acquiring, or offering to purchase or acquire a single-family residence unless it (Sec. 2):

• Will be used as the principal residence of a person with an ownership interest in the investment entity;

• Was constructed or will be purchased, acquired, or operated with any funds from the federal, state, or local government;

• Is occupied by a tenant;

• Was built for occupancy by a tenant and has never been occupied by a person other than a tenant;

• Is not publicly listed for sale at the time the covered entity makes an offer;

• Is acquired through a foreclosure sale, forfeiture, a deed in lieu of foreclosure, or the enforcement of a judgement, lien, debt, or property interest; or

• Has been publicly listed for sale for at least 90 consecutive days.

• Requires an institutional real estate investor, after making or accepting an offer to purchase a single-family residence, to do the following (Sec. 2):

• Submit to the seller a notarized disclosure form that the investment entity offering to purchase the single-family residence is subject to the 90-day public sale period; and

• Submit a copy of the completed and notarized disclosure form to the Department of Justice.

• Authorizes the Attorney General to bring civil action against an institutional real estate investor for a violation of this act (Sec. 3).

• Authorizes civil penalties of up to $250,000 for a purchase of property that is in violation of this act, and up to $10,000 for failure to submit any form required under this act (Sec. 3).

• Specifies that this act applies to purchase offers made on or after its effective date  (Sec. 5).

Full Bill Text

Vote Smart's Synopsis:

Vote to amend and pass a bill that prohibits institutional real estate investors from purchasing single-family houses before a 90-day public listing period in Oregon.

Highlights:

• Prohibits an institutional real estate investor from purchasing, acquiring, or offering to purchase or acquire a single-family residence unless it (Sec. 2):

• Will be used as the principal residence of a person with an ownership interest in the investment entity;

• Was constructed or will be purchased, acquired, or operated with any funds from the federal, state, or local government;

• Is occupied by a tenant;

• Was built for occupancy by a tenant and has never been occupied by a person other than a tenant;

• Is not publicly listed for sale at the time the covered entity makes an offer;

• Is acquired through a foreclosure sale, forfeiture, a deed in lieu of foreclosure, or the enforcement of a judgement, lien, debt, or property interest; or

• Has been publicly listed for sale for at least 90 consecutive days.

• Requires an institutional real estate investor, after making or accepting an offer to purchase a single-family residence, to do the following (Sec. 2):

• Submit to the seller a notarized disclosure form that the investment entity offering to purchase the single-family residence is subject to the 90-day public sale period; and

• Submit a copy of the completed and notarized disclosure form to the Department of Justice.

• Authorizes the Attorney General to bring civil action against an institutional real estate investor for a violation of this act (Sec. 3).

• Authorizes civil penalties of up to $250,000 for a purchase of property that is in violation of this act, and up to $10,000 for failure to submit any form required under this act (Sec. 3).

• Specifies that this act applies to purchase offers made on or after its effective date  (Sec. 5).

Full Bill Text