Relating to certain residential property interests controlled by certain entities.

Added new definitions for 'business entity', 'managing entity', 'residential arrangement', and 'residential property' to clarify the types of properties covered by the new chapter.

Requires purchase agreements for business entity interests to disclose that the buyer is purchasing an interest in the entity, not the residential property itself.

Prohibits agreements from requiring disputes to be resolved outside of state or federal courts.

Allows owners to transfer their interest in a managing entity without approval from the managing entity.

Prohibits managing entities from charging fees or sharing in proceeds when an owner transfers their interest to a subsequent purchaser.

Prohibits managing entities from discriminating against interest holders in ways that would violate existing fair housing laws if the interest were a direct real property interest.

Added an exemption for single-family homes on subdivided lots of 25 acres or more owned by religious organizations or nonprofits operated in conjunction with religious organizations.

Establishes that violations of the new chapter are deceptive trade practices actionable under the Business & Commerce Code and allows courts to enjoin entities from taking certain development actions.

Changed the effective date from September 1, 2025 to immediate upon receiving a two-thirds vote in both legislative houses.