Missouri HB3191: Precludes a covered institutional investor or affiliate entities from purchasing or acquiring single-family residential real estate property

What the bill says

To amend chapter 135, RSMo, by adding thereto one new section relating to ownership of single-family residential property, with penalty provisions. Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.1675, to read as follows: 135.1675. 1. As used in this section, the following terms mean: (1) "Affiliate entity", any entity directly or indirectly controlling, controlled by, or under common control with another entity including through beneficial ownership or contractual control; (2) "Control", ownership of ten percent or more of voting interest.

From the introduced text:

To amend chapter 135, RSMo, by adding thereto one new section relating to ownership of single-family residential property, with penalty provisions. Section A. Chapter 135, RSMo, is amended by adding thereto one new section, to be known as section 135.1675, to read as follows: 135.1675. 1. As used in this section, the following terms mean: (1) "Affiliate entity", any entity directly or indirectly controlling, controlled by, or under common control with another entity including through beneficial ownership or contractual control; (2) "Control", ownership of ten percent or more of voting interests, profit interests, or the power to direct management or policies of an entity; (3) "Covered institutional investor": (a) A hedge fund; (b) A private equity fund; (c) A real estate investment trust (REIT); or (d) An investment vehicle, partnership, trust, or corporation b. Is managed by an investment advisor or sponsor; and c. Acquires residential real estate primarily for rental income or asset appreciation; (4) "Department", the department of revenue; EXPLANATION -- Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is intended to be omitted from the law. Matter in bold-face type in the above bill is proposed language. HB 3191 (5) "Single-family residential real estate property", a detached residential structure designed for occupancy by one household, including a condominium or townhome classified …

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