Housing: residential; limitations on rental property owned by certain businesses; provide for. Amends title of 1972 PA 284 (MCL 450.1101 - 450.2098) & adds sec. 262. TIE BAR WITH: SB 1127'26

Michigan Senate Bill 1125 prohibits private equity firms from leasing single-family homes to residential tenants if they own five or more such properties within a single municipality or ten or more across the state. The bill defines a private equity firm as a corporation that pools capital from investors and manages real estate assets for profit, while broadly defining single-family homes to include detached houses, semidetached buildings, and units in multi-unit structures like duplexes or condominiums. Violations of this leasing restriction are subject to civil fines of up to $100,000, which can be pursued by county prosecutors or the state attorney general. Any collected fines must be deposited into a community housing stability fund, and the bill only takes effect if its companion measure, Senate Bill 1127, is also enacted into law.