1.1 A bill for an act
1.2 relating to housing; requiring attorney general notice for the transfer of
1.3 manufactured home park ownership or control to a private equity company;
1.4 identifying prohibited practices for a private equity company acquiring ownership
1.5 or control of a manufactured home park; providing attorney general enforcement;
1.6 proposing coding for new law in Minnesota Statutes, chapter 327C.
1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.8 Section 1. [327C.098] ACQUISITION OF CERTAIN MANUFACTURED HOME
1.9PARKS.
1.10 Subdivision 1.Definitions.(a) For the purposes of this section, the following terms have
1.11the meanings given.
1.12 (b) "Private equity company" means an investor or group of investors who primarily
1.13engage in the raising or returning of capital and who invests, develops, or disposes of
1.14specified assets. Private equity company includes publicly or nonpublicly traded entities,
1.15real estate investment trusts, and any investment firm that buys and manages private
1.16companies to make a profit.
1.17 (c) "Ownership or control" means the assumption of governance or the acquisition of
1.18an ownership interest, or direct or indirect control by a private equity company over the
1.19operations of a manufactured home park through any means, including but not limited to a
1.20purchase, lease, transfer, exchange, option, conveyance, creation of a joint venture, or any
1.21other manner of acquisition of assets, governance, an ownership interest, or direct or indirect
1.22control of a manufactured home park.
1Section 1.
S1450-1 1st EngrossmentSF1450 REVISOR MS
SENATE
STATE OF MINNESOTA
S.F. No. 1450NINETY-FOURTH SESSION
(SENATE AUTHORS: PUTNAM and Boldon)
OFFICIAL STATUSD-PGDATE
Introduction and first reading40302/17/2025
Referred to Housing and Homelessness Prevention
Author added Boldon46502/20/2025
Comm report: To pass as amended and re-refer to Judiciary and Public Safety03/03/2025 2.1 (d) "Real estate investment trust" has the meaning given in United States Code, title 26,
2.2section 856.
2.3 Subd. 2.Notice of transfer of ownership and control.(a) A park owner must provide
2.4written notice to the attorney general of the intent to transfer ownership or control of the
2.5manufactured home park to a private equity company 120 days prior to the transfer of
2.6ownership or control.
2.7 (b) Together with the notice, the private equity company seeking to acquire ownership
2.8or control of the manufactured home park shall provide the attorney general with the
2.9following information:
2.10 (1) the names of each individual with an interest in the company and the percentage of
2.11interest each individual holds in the company;
2.12 (2) the complete corporate structure of the company;
2.13 (3) the names of each individual holding, and the percent of interest held, in any affiliate,
2.14subsidiary, or otherwise related entity with which the company has a contract to provide
2.15goods or services that will be used in the operation or maintenance of the manufactured
2.16home park or that will be provided to residents; and
2.17 (4) any other information the attorney general may require.
2.18 Subd. 3.Prohibited practices.A private equity company acquiring ownership or control
2.19of a manufactured home park is prohibited from engaging in any act, practice, or course of
2.20business that:
2.21 (1) strips assets from the manufactured home park or otherwise undermines the
2.22infrastructural integrity of the park;
2.23 (2) engages in self-dealing;
2.24 (3) fails to maintain the park's infrastructure, if it is adequate, or fails to improve the
2.25park's infrastructure if it is deteriorating, in disrepair, or needs upgrading, including but not
2.26limited to the park's water infrastructure;
2.27 (4) increases rents in any one year by more than the Consumer Price Index published
2.28by the United States Department of Labor for the 12 months preceding the month in which
2.29the increase became effective without a concomitant increase in costs;
2.30 (5) results in an adverse impact on the health, safety, and wellbeing of the residents of
2.31the manufactured home park;
2Section 1.
S1450-1 1st EngrossmentSF1450 REVISOR MS 3.1 (6) results in a reduction in the quality of services or amenities provided to the residents;
3.2or
3.3 (7) violates any provisions of this chapter or chapter 327B.
3.4 Subd. 4.Attorney general enforcement.A violation of this section is an unfair and
3.5unconscionable practice in violation of section 325F.69, subdivision 1. The attorney general
3.6may enforce this section under section 8.31.
3Section 1.
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