Florida Senate - 2025                                    SB 1810
       
       
        
       By Senator Smith
       
       
       
       
       
       17-01697-25                                           20251810__
    1                        A bill to be entitled                      
    2         An act relating to ownership of single-family
    3         residential property by business entities; creating s.
    4         692.041, F.S.; defining the terms “business entity”
    5         and “single-family residential property”; prohibiting
    6         certain business entities from purchasing, acquiring,
    7         or otherwise obtaining certain property and
    8         subsequently leasing or renting such property;
    9         specifying that certain sellers are not liable for
   10         certain violations; authorizing the Attorney General
   11         to bring a civil action; providing remedies; providing
   12         construction; providing an effective date.
   13          
   14  Be It Enacted by the Legislature of the State of Florida:
   15  
   16         Section 1. Section 692.041, Florida Statutes, is created to
   17  read:
   18         692.041 Single-family residential property.—
   19         (1) As used in this section, the term:
   20         (a) “Business entity” means an association, a company, a
   21  firm, a partnership, a corporation, a limited liability company,
   22  a limited liability partnership, a real estate investment trust,
   23  or any other legal entity, and such entity’s successors,
   24  assignees, or affiliates. The term does not include:
   25         1. A nonprofit corporation or other nonprofit legal entity.
   26         2. A person or entity primarily engaged in the construction
   27  of new residential housing.
   28         (b) “Single-family residential property” means a single
   29  parcel of real property improved with only one detached dwelling
   30  unit on it for which a certificate of occupancy has been issued.
   31         (2)(a) A business entity that has an interest in more than
   32  1,000 single-family residential properties may not purchase,
   33  acquire, or otherwise obtain an ownership interest in another
   34  single-family residential property and subsequently lease or
   35  rent such property.
   36         (b) The seller of single-family residential property to a
   37  business entity is not liable for any violation of this section
   38  by the business entity.
   39         (3) The Attorney General may bring a civil action for a
   40  violation of this section. If the Attorney General prevails in a
   41  civil action brought under this section, the court must order
   42  all of the following:
   43         (a) A civil penalty of $100,000 against the business entity
   44  for each violation.
   45         (b) Require the business entity to sell the single-family
   46  residential property to an independent third party within 1 year
   47  after the date the court enters the judgment.
   48         (c) Reasonable attorney fees and costs.
   49         (4) Subsection (3) is the exclusive remedy for a violation
   50  of this section.
   51         Section 2. This act shall take effect July 1, 2025.