Housing: residential; limitations on rental property owned by certain limited liability companies; provide for. Amends title of 1993 PA 23 (MCL 450.4101 - 450.5200) & adds sec. 217. TIE BAR WITH: SB 1127'26

Michigan Senate Bill 1126 prohibits limited liability companies that own 100 or more single-family homes in the state from leasing those properties to residential tenants. The bill defines a single-family home broadly to include detached houses, semidetached structures, and units within buildings where all units are owned by one person or each unit is individually owned, such as condominiums. Any company that violates this restriction faces a civil fine of up to $100,000, which must be deposited into the state's community housing stability fund. The bill takes effect only if its companion measure, Senate Bill 1127, is also enacted into law.