Indiana 2024 Regular Session

Indiana House Bill HB1113 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2	Introduced Version
3	3	HOUSE BILL No. 1113
4	4	_____
5	5	DIGEST OF INTRODUCED BILL
6	6	Citations Affected: IC 32-22-5.5.
7	7	Synopsis: Purchase of single family residences. Provides that an
8	8	investment firm may not enter into an executory contract for the
9	9	purchase of a single family residence until not less than 90 days after
10	10	the residence is listed for sale. Requires an investment firm to be
11	11	represented by a real estate broker who: (1) is licensed in Indiana; and
12	12	(2) is not an employee of the investment firm or any of its subsidiaries;
13	13	to enter into an executory contract for the purchase of a single family
14	14	residence.
15	15	Effective: July 1, 2024.
16	16	Pryor
17	17	January 8, 2024, read first time and referred to Committee on Financial Institutions.
18	18	2024 IN 1113—LS 6460/DI 137 Introduced
19	19	Second Regular Session of the 123rd General Assembly (2024)
20	20	PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
21	21	Constitution) is being amended, the text of the existing provision will appear in this style type,
22	22	additions will appear in this style type, and deletions will appear in this style type.
23	23	Additions: Whenever a new statutory provision is being enacted (or a new constitutional
24	24	provision adopted), the text of the new provision will appear in this style type. Also, the
25	25	word NEW will appear in that style type in the introductory clause of each SECTION that adds
26	26	a new provision to the Indiana Code or the Indiana Constitution.
27	27	Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
28	28	between statutes enacted by the 2023 Regular Session of the General Assembly.
29	29	HOUSE BILL No. 1113
30	30	A BILL FOR AN ACT to amend the Indiana Code concerning
31	31	property.
32	32	Be it enacted by the General Assembly of the State of Indiana:
33	33	1 SECTION 1. IC 32-22-5.5 IS ADDED TO THE INDIANA CODE
34	34	2 AS A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE
35	35	3 JULY 1, 2024]:
36	36	4 Chapter 5.5. Purchase of Single Family Residences by
37	37	5 Investment Firms
38	38	6 Sec. 1. This chapter applies to a single family residence located
39	39	7 within Indiana that is listed for sale after June 30, 2024.
40	40	8 Sec. 2. As used in this chapter, "investment firm" means a
41	41	9 corporation or trust engaged in the business of investing the pooled
42	42	10 capital of investors in financial securities.
43	43	11 Sec. 3. As used in this chapter, "single family residence" means
44	44	12 an individual residence with facilities for living for a single
45	45	13 household.
46	46	14 Sec. 4. An investment firm may not enter into an executory
47	47	15 contract to purchase a single family residence until not less than
48	48	16 ninety (90) days after the date the single family residence is listed
49	49	17 for sale.
50	50	2024 IN 1113—LS 6460/DI 137 2
51	51	1 Sec. 5. An investment firm must be represented by a real estate
52	52	2 broker who:
53	53	3 (1) is licensed under IC 25-34.1; and
54	54	4 (2) is not an employee of the investment firm or any of the
55	55	5 investment firm's subsidiaries;
56	56	6 to enter into an executory contract for the purchase of a single
57	57	7 family residence.
58	58	2024 IN 1113—LS 6460/DI 137