Nevada 36th (2026) Special Session Status: Passed Senate 1 D cosponsors

SB 10 — Revises provisions relating to real property. (BDR 10-38)

Last action — Read first time. Referred to Select Committee on Jobs and Economy. To printer. From printer. To committee. From committee: Do pass. Declared an emergency measure under the Constitution. Read third time. Amended. (Amend. No. 32.) Reprinting dispensed with. Read third time. Passed, as amended. Title approved, as amended. (Yeas: 18, Nays: None, Excused: 3.) To printer. From printer. To engrossment. Engrossed. First reprint. To Assembly. In Assembly. Read first time. Declared an emergency measure under the Constitution. Read third time. Amended. (Amend. No. 35.) Dispensed with reprinting. Read third time. Lost. (Yeas: 27, Nays: 10, Excused: 5.)

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed Assembly
  5. 5
    To Executive
  6. 6
    Enacted

This bill has passed the Senate. Introduced November 19, 2025. It now moves to the second chamber.

Next likely step: consideration and a floor vote in the Assembly.

Odds of enactment

Moderate chance

Based on the sponsor, cosponsors, and committee posture, this bill has a moderate chance of becoming law.

Upgrade to see the exact probability and what's driving it.

A statistical estimate from our own model of past outcomes — an insight, not a guarantee. Policymaking is volatile.

Prognosis

Stalled 28% · moderate confidence

  • Passed Senate

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 D).

Based on stage, sponsorship breadth, committee status, recorded votes, and cross-state momentum — a description of the observable signals, not a prediction.

Bill Text

What changed in the latest version

334 added · 194 removed

334 line(s) added, 194 removed.

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REQUIRES TWO-THIRDS MAJORITY VOTE (§ 2) S.B.
REQUIRES TWO-THIRDS MAJORITY VOTE (§ 2) (Reprinted with amendments adopted on November 19, 2025) FIRST REPRINT S.B.
10 SENATE B ILLN O.
10 SENATE BILL N O.
10–SENATOR C ANNIZZARO NOVEMBER 19, 2025 ____________ Referred to Select Committee on Jobs and Economy SUMMARY—Revises provisions relating to real property.
10–SENATOR C ANNIZZARO N OVEMBER 18, 2025 ____________ Referred to Select Committee on Jobs and Economy SUMMARY—Revises provisions relating to real property.
requiring, with certain exceptions, certain corporate investors in residential real property in this State to register with the Securities Division of the Office of the Secretary of State each time before purchasing a unit of residential real property;
requiring, with certain exceptions, certain corporate investors in residential real property in this State to register with the Securities Division of the Office of the Secretary of State before purchasing a unit of residential real property;
requiring the Securities Division to create and maintain a database that tracks the aggregate number of units of residential real property purchased by certain corporate investors;
requiring certain corporate investors to report to the Secretary of State certain information concerning each purchase of a unit of residential real property;
providing that certain purchases of residential real property are void;
Section 2 of this bill provides, with certain exceptions, that:
interests related to attainable housing, stabilizing neighborhoods and supporting certain housing programs;
(1) the total aggregate number of units of residential real property in this State that may be purchased in any 1 calendar year by corporations, limited-liability companies and any affiliates of such entities must not exceed 100 units;
(2) ensuring a fair and competitive housing market is necessary to support certain public interests;
and (2) a corporation, any unit of residential real property in this State if, as a result of the purchase, the total aggregate number of units of residential real property purchased in this State during the current calendar year by any corporations, limited-liability companies and affiliates of such entities would exceed 100 units.
(3) preserving the stability and character of the State’s communities is essential;
Section 2 also requires the Securities Division of the Office of the Secretary of and any affiliates of such entities that purchase or own residential real property in - *SB10* – 2 – this State.
and (4) reducing speculative - *SB10_R1* – 2 – public interests.idential real estate by certain buyers is necessary to further certain Section 2 of this bill provides, with certain exceptions, that:
Section 2 requires, with certain exceptions, a corporation, limited- liability company or any affiliate of such an entity to register with the Securities Division each time before the entity purchases any unit of residential real property in this State.
(1) the total aggregate number of units of residential real property in this State that may be purchased in any 1 calendar year by corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited-liability companies and any affiliates of such entities must not exceed 1,000 units;
Section 2 exempts from that requirement a corporation, limited- liability company or affiliate of such an entity that owns fewer than 10 units of State to charge a fee to each such corporation, limited-liability company or affiliate of such an entity;
and (2) a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or affiliate of such an entity is prohibited from purchase, the total aggregate number of units of residential real property purchasede in this State during the current calendar year by any corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited- liability companies and affiliates of such entities would exceed 1,000 units.
and (2) requires the Secretary of State to adopt regulations necessary to carry out the provisions of section 2.
Section 2 also requires the Securities Division of the Office of the Secretary of State to create and maintain:
(1) a registry of corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited-liability companies and any affiliates of such entities that purchase or own residential real property in this State and;
(2) a database that tracks the aggregate number of units of residential multinational corporations, pooled investment vehicles, limited-liability companies and any affiliates of such entities.
Section 2 requires, with certain exceptions, a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or any affiliate of such an entity to register with the Securities Division before the entity purchases any unit of residential real property in this State.
Section 2 exempts from that requirement a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited- liability company or affiliate of such an entity that owns fewer than 15 units of residential real property in this State.
Section 2 further requires each corporation, liability company or affiliate of such an entity to report to the Secretary of State certain information related to each purchase of a unit of residential real property in this State within 10 business days after the completion of such a purchase.
Section 2:
(1) requires the Secretary of State to immediately update the database that tracks the aggregate number of units of residential real property purchased annually and reduce the available annual allotment;
(2) requires the Secretary of State to provide certain periodic reports to each county recorder or his or her designee related to such purchases to ensure compliance with certain provisions related to deeds;
(3) authorizes the Secretary of State to establish certain reasonable fees;
and (4) provisions of section 2.
Section 3 of this bill authorizes the Attorney General, upon the request of the Secretary of State, to bring an action against an entity that violates or proposes to violate the provisions of section 2 to obtain an injunction or other equitable relief appExisting law sets forth the requirements for recording certain documents that relate to real property.
Section 2.5 of this bill provides that:
(NRS 111.312) Section 5 of this bill prohibits a county recorder from filing a deed for a unit of residential real property purchased by a corporation, limited-liability company or affiliate of such an entity unless the entity submits to the county recorder for recording, concurrently with the deed to be recorded, a copy of the certificate of registration for that purchase issued by the Secretary of State pursuant to section 2.
(1) any purchase of a unit of residential real property that violates section 2 is void;
Section 5 requires a county recorder to requirement imposed by section 2.
and (2) if a deed for a transaction that violates section 2 is recorded, the deed is subject to nullification.
upon request certain information relating to the Section 4 of this bill requires the Secretary of State to adopt regulations establishing requirements for the form and contents of any instrument that creates a life estate.
Section 2.5 authorizes:
Section 5 prohibits a county recorder from recording a document that is such an instrument unless the document complies with those requirements.
(1) the Secretary of State to investigate any potential violations of section 2 and disclose certain information to the Attorney General;
and (2) the Attorney General to initiate legal proceedings to enforce the provisions of section 2.5.
Section 3 of this bill authorizes the Attorney General, upon the request of the violate the provisions of section 2 to obtain an injunction or other equitable relief appropriate to ensure compliance with or enforce the provisions of section 2.
Existing law sets forth the requirements for recording certain documents that relate to real property.
(NRS 111.312) Section 5 of this bill prohibits a county recorder from filing a deed for a unit of residential real property purchased by a - *SB10_R1* – 3 – corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or affiliate of such an entity unless the entity submits to the county recorder for recording, concurrently with the deed to be Secretary of State pursuant to section 2.
Section 5 requires a county recorder tohe provide to the Secretary of State upon request certain information relating to the requirement imposed by section 2.
Section 4 of this bill requires the Secretary of State to adopt regulations establishing requirements for the form and contents of any instrument that creates a such an instrument unless the document complies with those requirements.
Sectiont is 5.5 of this bill provides that the provisions of this act do not apply to the purchase of a unit of residential real property completed on or before July 1, 2026.
Chapter 111 of NRS is hereby amended by adding thereto the provisions set forth as sections 2, 3 and 4 of this act.
Chapter 111 of NRS is hereby amended by adding thereto the provisions set forth as sections 1.5 to 4, inclusive, of this act.
1.5.
The Legislature finds and declares that:
1.
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The State of Nevada has a compelling interest in:
(a) Promoting housing attainability for all of its residents;
(b) Stabilizing neighborhoods adversely affected by high- vacancy rates, foreclosure, blight or other signs of economic distress;
and (c) Supporting state or local housing programs designed to enhance community revitalization efforts;
Ensuring a fair and competitive housing market is necessary to provide opportunities for individual homeownership and to prevent distortions in the housing market;
3.
Preserving the stability and character of the State’s communities is essential to the welfare and prosperity of the residents of this State;
and 4.
Reducing speculative investment in residential real estate by large institutional buyers is necessary to further these public interests and to prevent housing shortages and undue increases in housing costs.
Sec.
2.
(a) The total aggregate number of units of residential real property in this State that may be purchased in any 1 calendar year by corporations, limited-liability companies and affiliates of such entities must not exceed 100 units.
(a) The total aggregate number of units of residential real property in this State that may be purchased in any 1 calendar year by corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited-liability companies and affiliates of such entities must not exceed 1,000 units.
(b) A corporation, limited-liability company or affiliate of such an entity shall not purchase any unit of residential real property in this State if, as a result of the purchase, the total aggregate number of units of residential real property purchased in this State during the current calendar year by corporations, limited-liability companies and affiliates of such entities would exceed 100 units.
(b) A corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company - *SB10_R1* – 4 – or an affiliate of such an entity shall not purchase any unit of residential real property in this State if, as a result of the purchase, the total aggregate number of units of residential real property purchased in this State during the current calendar year by corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited-liability companies and affiliates of such entities would exceed 1,000 units.
- *SB10* – 3 – (c) The sale of a mobile home or manufactured home;
(c) The sale of a mobile home or manufactured home;
or (d) The sale of an apartment building.
(d) The sale of an apartment building;
(e) The sale of residential real property by a state or federally chartered credit union, any credit union service organization owned by such a credit union, or any wholly-owned entity of such a credit union provided that the acquisition or holding of the unit of residential real property is consistent with its charter and bylaws;
or (f) The sale of an existing unit of residential real property that the Administrator of the Housing Division of the Department of Business and Industry determines to be in the public interest.
The Securities Division of the Office of the Secretary of State shall create and maintain a registry of corporations, limited- liability companies and affiliates of such entities that purchase or own residential real property in this State.
The Securities Division of the Office of the Secretary of State shall create and maintain:
(a) A registry of corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited- liability companies and affiliates of such entities that purchase or own residential real property in this State.
(b) A database that tracks the aggregate number of units of residential real property purchased annually by corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited-liability companies and affiliates of such entities.
Except as otherwise provided in this subsection, a corporation, limited-liability company or affiliate of such an entity must register with the Securities Division of the Office of the Secretary of State each time before the entity purchases any unit of residential real property in this State.
Except as otherwise provided in this subsection, a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or an affiliate of such an entity must register with the Securities Division of the Office of the Secretary of State before the entity purchases any unit of residential real property in this State.
The requirement to register does not apply to a corporation, limited-liability company or affiliate of such an entity that owns fewer than 10 units of residential real property in this State.
The requirement to register does not apply to a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited- - *SB10_R1* – 5 – liability company or an affiliate of such an entity that owns fewer than 15 units of residential real property in this State.
The Secretary of State shall issue a certificate of registration to each corporation, limited-liability company or affiliate of such an entity that registers pursuant to this section.
Each corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or affiliate of such an entity shall report to the Secretary of State not later than 10 business days after the completion of each purchase of a unit of residential real property in this State.
The report must include, without limitation, the address, date of purchase and the purchase price of the unit of residential real property.
Upon receipt of the report, the Secretary of State shall immediately update the database created by subsection 3 and reduce the available annual allotment.
The Secretary of State may charge a fee to each corporation, limited-liability company or affiliate of such an entity that registers with the Securities Division pursuant to subsection 4.
The Secretary of State shall provide periodic reports to each county recorder or his or her designee, detailing each purchases of a unit of residential real property by a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or an affiliate of such an entity to ensure compliance with the provisions of subsections 7, 8 and 9 of NRS 111.312, as applicable.
The Secretary of State shall adopt any regulations necessary to carry out the provisions of this section.
The Secretary of State shall issue a certificate of registration to each corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited- liability company or affiliate of such an entity that registers pursuant to this section.
The Secretary of State may establish reasonable fees necessary for the administration of this section.
The Secretary of State shall remit seventy-five percent of any fees collected pursuant to this section to the State General Fund.
9.
The Secretary of State shall adopt any regulations necessary to carry out the provisions of this section.
10.
(a) “Corporation” does not include:
(a) “Affiliate” means any entity that directly or indirectly controls, is controlled by, or is under common control with a corporation, foreign corporation, multinational corporation, pooled investment vehicle, or limited liability company, including any entity sharing common ownership with or acting as a parent or subsidiary of such corporation, foreign corporation, multinational corporation, pooled investment vehicle or limited liability company.
(b) “Corporation” does not include:
(b) “Limited-liability company” has the meaning ascribed to it in NRS 86.061.
(c) “Limited-liability company” has the meaning ascribed to it in NRS 86.061.
(c) “Manufactured home” has the meaning ascribed to it in NRS 489.113.
- *SB10_R1* – 6 – (d) “Manufactured home” has the meaning ascribed to it in NRS 489.113.
(d) “Mobile home” has the meaning ascribed to it in NRS 489.120.
(e) “Mobile home” has the meaning ascribed to it in NRS 489.120.
2.5.
1.
Any purchase of a unit of residential real property in violation of subsection 1 of section 2 of this act is void and conveys no legal title to the purchaser.
2.
If a deed for a transaction made in violation of section 2 of this act is recorded, that deed is subject to nullification through appropriate legal action.
The Secretary of State may investigate any potential violation of section 2 of this act and disclose any information or evidence concerning a potential violation to the Attorney General.
4.
The Attorney General may initiate legal proceedings to enforce the provisions of this section including, without limitation, obtaining a court order to nullify the deed.
5.
The remedy provided in this subsection is in addition to any other remedy at law or in equity.
Sec.
3.
- *SB10* – 4 – Sec.
Sec.
and (b) Except as otherwise provided in subsection 2, the assessor’s parcel number of the property at the top left corner of the first page of the document, if the county assessor has assigned a parcel number to the property.
and (b) Except as otherwise provided in subsection 2, the assessor’s parcel number of the property at the top left corner of the first page of the document, if the county assessor has assigned a parcel - *SB10_R1* – 7 – number to the property.
If a document including the same legal description described in subsection 5 previously has been recorded, the document must include all information necessary to identify and locate the previous - *SB10* – 5 – recording, but the name and mailing address of the person who prepared the legal description is not required for the document to be recorded.
If a document including the same legal description described in subsection 5 previously has been recorded, the document must include all information necessary to identify and locate the previous recording, but the name and mailing address of the person who prepared the legal description is not required for the document to be recorded.
Except as otherwise provided in subsection 10, if a corporation, limited-liability company or affiliate of such an entity purchases a unit of residential real property, the county recorder shall not record the deed unless the corporation, limited-liability company or affiliate of such an entity submits to the county recorder for recording, concurrently with the deed to be recorded, a copy of the certificate of registration issued by the Secretary of State pursuant to section 2 of this act for that purchase and the name of the corporation, limited-liability company or affiliate of such an entity on the deed matches the name on the certificate of registration accompanying the deed.
Except as otherwise provided in subsection 10, if a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or affiliate of such an entity purchases a unit of residential real property, the county recorder shall not record the deed unless the corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or affiliate of such an entity submits to the county recorder for recording, concurrently with the deed to be recorded, a copy of the certificate of registration issued by the Secretary of State pursuant to section 2 of this act for that purchase and the name of the corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or affiliate of such an entity on the deed - *SB10_R1* – 8 – matches the name on the certificate of registration accompanying the deed.
The county recorder shall provide to the Secretary of State, upon request, any information collected by the county recorder relating to the provisions of subsection 7 that the Secretary of State deems necessary to determine whether the purchase of a unit of residential real property by a corporation, limited-liability company or affiliate of such an entity complies with the provisions of section 2 of this act and the regulations adopted pursuant thereto.
The county recorder shall provide to the Secretary of State, upon request, any information collected by the county recorder relating to the provisions of subsection 7 that the Secretary of State deems necessary to determine whether the purchase of a unit of residential real property by a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited- liability company or affiliate of such an entity complies with the provisions of section 2 of this act and the regulations adopted pursuant thereto.
The provisions of subsection 7 do not apply to a corporation, limited-liability company or affiliate of such an entity that owns fewer than 10 units of residential real property in this State.
The provisions of subsection 7 do not apply to a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liability company or affiliate of such an entity that owns fewer than 15 units of residential real property in this State.
5.5.
This act does not apply to the purchase of a unit of residential real property completed on or before July 1, 2026.
Sec.
5.7.
Notwithstanding the provisions of NRS 218D.430 and 218D.435, a committee may vote on this act before the expiration of the period prescribed for the return of a fiscal note in NRS 218D.475.
This section applies retroactively from and after November 13, 2025.
Sec.
H - *SB10*
H - *SB10_R1*
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Amendments

2 amendments

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Action History

  1. Read first time. Referred to Select Committee on Jobs and Economy. To printer. From printer. To committee. From committee: Do pass. Declared an emergency measure under the Constitution. Read third time. Amended. (Amend. No. 32.) Reprinting dispensed with. Read third time. Passed, as amended. Title approved, as amended. (Yeas: 18, Nays: None, Excused: 3.) To printer. From printer. To engrossment. Engrossed. First reprint. To Assembly. In Assembly. Read first time. Declared an emergency measure under the Constitution. Read third time. Amended. (Amend. No. 35.) Dispensed with reprinting. Read third time. Lost. (Yeas: 27, Nays: 10, Excused: 5.)

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 66 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (66)

66 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

housing
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Frequently asked questions

Who sponsors SB 10?
SB 10 is sponsored by Cannizzaro, Nicole J. (Democratic).
What is the current status of SB 10?
This bill has passed the Senate. Introduced November 19, 2025. It now moves to the second chamber.
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