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