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: 18 692.041Single-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 entitys 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.