Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
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In plain words
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Fiscal Summary NOT SIGNIFICANT Bill Summary This bill enacts the "Homes not Hedge Funds Act," which, for contracts for single-family homes entered into on or after the date this bill becomes a law, this bill makes it unlawful for a person or legal entity ("person"), including an affiliate of the person, to purchase a single-family home in Sullivan, Sumner, Montgomery, Williamson, Rutherford, Hamilton, Knox, Davidson, or Shelby County for a purpose other than use by the person as a residence if the person, including an affiliate of the person, owns 100 or more single-family homes in such counties that are used primarily for rental purposes. As used in this bill, "person" includes an officer or employee of a legal entity, and a member or employee of a partnership who, as officer, employee, member, or manager, acts on behalf of the business entity with whom they are associated or an affiliate of that business entity but does not include a governmental entity. REMEDIES This bill authorizes the attorney general to bring a civil action in a court of competent jurisdiction against a person or affiliate that violates this bill. Additionally, an individual aggrieved by a violation of this bill may bring a civil action against a person or affiliate that acquires a single-family home in violation of this bill. In either action, this bill authorizes a court to impose a civil penalty of up to $100 per day for each single-family home acquired in violation of this bill and may award to the attorney general or a plaintiff who prevails, as applicable, equitable relief; compensatory damages; costs and fees, including reasonable attorneys' fees; and punitive damages in an amount not to exceed $50,000 or three times the total of compensatory damages, costs, and fees, whichever is greater. Likewise, a court may award to a defendant who prevails
