Today's Law As Amended


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AB-354 Institutional investors: housing.(2017-2018)



As Amends the Law Today


SECTION 1.

 Division 21 (commencing with Section 60000) is added to the Financial Code, to read:

DIVISION 21. Institutional Investors

60000.
 (a) An institutional investor shall register by July 1, 2019, and annually thereafter, with the department by providing the Department of Business Oversight with a written statement of all of the following for the prior calendar year:
(1) The total number of single-family homes in the state that are owned by the institutional investor, including the number that are owned in each county, and the number that are occupied by renters throughout the state, and in each county.
(2) The total number of single-family homes in the state annually purchased by the institutional investor.
(3) The total number of offers to purchase single-family homes in the state made by the institutional investor.
(4) The total dollar value of single-family homes owned by the institutional investor in the state and the total dollar value of single-family homes owned by the institutional investor that are occupied by renters.
(5) The total number of single-family homes that are sold to existing tenants.
(b) The department may charge a reasonable fee to administer the registration required pursuant to subdivision (a).
(c) For purposes of this section, “institutional investor” means a publicly traded company or corporation that owns more than 100 single-family homes in the state during a calendar year that are occupied by renters and that have a total value of more than ten million dollars ($10,000,000). An institutional investor may use an automated valuation model to estimate the value of homes it owns for purposes of determining whether the ten-million-dollar ($10,000,000) threshold required by this subdivision is met. An institutional investor does not include a lienholder that acquires ownership of a single-family home through a judicial or nonjudicial foreclosure.
(d) For purposes of this section, “single-family home” means a home that is alienable separate from the title to any other dwelling unit or is a subdivided interest in a subdivision.
(e) (1) Notwithstanding Section 10231.5 of the Government Code, the department shall submit a report to the Legislature by July 1, 2020, and annually thereafter, regarding the information collected pursuant to subdivision (a) during the prior calendar year.
(2) A report required to be submitted pursuant to this subdivision shall be submitted in compliance with Section 9795 of the Government Code.