An Act amending Titles 15 (Corporations and Unincorporated Associations) and 68 (Real and Personal Property) of the Pennsylvania Consolidated Statutes, in general provisions relating to corporations and unincorporated associations, further providing for annual report; in entity transactions, further providing for grounds for administrative dissolution or cancellation and for procedure and effect; in foreign associations, further providing for termination of registration; providing for investor ownership of single-family residential property; imposing duties on the Department of State and the Office of Attorney General; and imposing penalties.

This bill requires corporations and unincorporated associations in Pennsylvania to report the number of single-family or low-density residential properties they own in their annual filings. It establishes a new chapter in state law that restricts certain entities from owning residential real estate and mandates a waiting period for purchases by covered investors. The legislation allows the Department of State to dissolve or cancel the registration of an entity that violates these property ownership rules at least 10 times within a three-year period. Additionally, the bill grants municipalities specific powers to enforce these restrictions and creates a private right of action for individuals to sue entities that violate the new ownership prohibitions.