Manufactured home park transfer of ownership or control to a private equity company attorney general notice and approval requirement

The definition of 'private equity company' was changed from a broad list of investment vehicles to a more specific description of investors who raise or return capital and manage private companies, while also explicitly including real estate investment trusts.

The requirement for the attorney general to 'approve' transfers of ownership was changed to requiring only 'notice,' removing the attorney general's power to deny transfers entirely, though they can still investigate and enforce violations.

New provisions explicitly prohibit private equity companies from engaging in specific harmful acts, including stripping assets, self-dealing, failing to maintain infrastructure, and increasing rents by more than the Consumer Price Index without justification.

New reporting requirements mandate that private equity companies submit annual reports detailing fees, expenses, political spending, and the impact on resident safety and affordability.

Sections requiring attorney general approval based on specific criteria, such as the company's financial ability, lack of criminal history, and a history of not selling parks within five years, were removed as part of the shift to a notice-based system.

The bill was amended to classify violations as unfair and unconscionable practices, allowing the attorney general to enforce the law under existing consumer protection statutes rather than relying solely on the previous approval process.