Preserving Pathways to Homeownership Act of 2024

S 3720, the Preserving Pathways to Homeownership Act of 2024, requires states to implement consumer protections for land installment contracts - where buyers pay for a home in installments while the seller retains title until full payment. The bill mandates that sellers record these contracts within 5 days of signing to protect buyers' interests from other creditors, gives buyers the right to cancel and get refunds if contracts aren't recorded, and prohibits sellers from using forfeiture clauses to take equity after payments. It directly affects homebuyers in these contracts and sellers who offer them, particularly in regions with inconsistent state rules. The law sets a two-year deadline for states to adopt these rules, with federal oversight if states fail to comply.