Struck = removed from the bill ·
added = the amendment's new text.
REQUIRESSpecial TWO-THIRDSSession MAJORITY(36th) VOTEA (§SB10 2)32 (ReprintedAmendment withNo. amendments adopted on November 19, 2025) FIRST REPRINT S.B.
1032 SENATESenate BILLAmendment Nto O.Senate Bill No.
10–SENATOR10 C(BDR ANNIZZARO10-38) NProposed OVEMBERby: 18, 2025 ____________ Referred to Select Committee on Jobs and Economy SUMMARY—Revises provisions relating to real property.
Senate Majority Leader Amends:
Summary:
No Title:
Yes Preamble:
No Joint Sponsorship:
No Digest:
Yes Adoption of this amendment will MAINTAIN the 2/3s majority vote requirement for final passage of S.B.
10 (§ 2).
ASSEMBLY ACTION Initial and Dat| SENATE ACTION Initial and Date Adopted Lost | Adopted Lost Concurred In Not | Concurred In Not Receded Not | Receded Not EXPLANATION:
Matter in (1) blue bold italics is new language in the original bill;
(2) variations of green bold underlining is language proposed to be added in this amendment;
(3) red strikethrough is deleted language in the original bill;
(4) purple double strikethrough is language proposed to be deleted in this amendment;
(5) orange double underlining is deleted language in the original bill proposed to be retained in this amendment.
SLD/HAC - Date:
11/19/2025 S.B.
No.
10—Revises provisions relating to real property.
(BDR 10-38) Page 1 of 8 *A_SB10_32* Senate Amendment No.
32 to Senate Bill No.
10 Page 3 SENATE BILL NO .
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;
LegislativeLegiSection Counsel’s1.5 Digest:of this bill declares that:
(1) the State has certain compelling interests related to attainable housing, stabilizing neighborhoods and supporting certain housing programs;
and (4) reducing speculative -investment *SB10_R1*in –residential 2 – public interests.idential real estate by certain buyers is necessary to further certain Sectionpublic 2interests. of this bill provides, with certain exceptions, that:
(1)Section the2 total aggregate number of units of residential real property in this Statebill thatprovides, maywith becertain purchasedexceptions, inthat: 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;
and(1) (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 duringthat themay currentbe purchased in any 1 calendar year by any corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited-limited-liability liability companies and any affiliates of such entities wouldmust not exceed [100] 1,000 units.units;
Sectionand 2(2) alsoa requirescorporation, theforeign Securitiescorporation, Divisionmultinational ofcorporation, thepooled Officeinvestment ofvehicle, thelimited-liability Secretarycompany or affiliate of Statesuch toan createSenate andAmendment maintain:No.
(1)32 ato registrySenate ofBill corporations,No. 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)10 Page 4 entity is prohibited from purchasing any unit of residential real property in this State if, as a databaseresult thatof tracksthe purchase, the total aggregate number of units of residential real property purchased in this State during the current calendar year by any corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited-liability companies and any affiliates of such entities.entities would exceed [100] 1,000 units.
Section 2 requires,also withrequires certainthe exceptions,Securities aDivision corporation,of foreignthe corporation,Office multinationalof corporation,the Secretary of State to corporations, pooled investment vehicle,vehicles, limited-liability companycompanies orand any affiliateaffiliates of such anentities entitythat topurchase registeror withown the Securities Division before the entity purchases any unit of residential real property in this State.State [.] and;
Section(2) 2a exemptsdatabase from that requirementtracks athe corporation,aggregate foreignnumber corporation,of multinationalunits corporation,of pooledresidential investmentreal vehicle,property limited-purchased liabilityannually companyby orcorporations, affiliateforeign ofcorporations, suchmultinational ancorporations, entitypooled thatinvestment ownsvehicles, fewerlimited-liability thancompanies 15and unitsany affiliates of residentialsuch realentities. property in this State.
Section 2 furtherrequires, requireswith eachcertain exceptions, a corporation, liabilityforeign corporation, multinational corporation, pooled investment vehicle, limited-liability company or any affiliate of such an entity to reportregister towith the SecretarySecurities ofDivision State[each certaintime] informationbefore relatedthe toentity eachpurchases purchaseany of a unit of residential real property in this StateState. within 10 business days after the completion of such a purchase.
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 [10] 15 units of residential real property in this State.
Section 2 further requires each corporation, foreign corporation, multinational corporation, pooled investment vehicle, certain information related to each purchase of a unit of residential real property in thise State within 10 business days after the completion of such a purchase.
(3) authorizes the Secretary of State to [charge a fee to each such corporation, limited-liability company or affiliate of such an entity;] establish certain reasonable fees;
and [(2)] (4) requires the Secretary of State to adopt regulations necessary to carry out the provisions of section 2.
(1) any purchase of a unit of residential real propertysection that2 violatesis sectionrecorded, 2the deed is void;subject to nullification.
and (2) if a deed for a transaction that violates section 2 is recorded, the deed is subject to nullification.
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 appropriate to ensure compliance with or enforce the provisions of section 2.
(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 withby the deed to be Secretary of State pursuant to section 2.
Section 5 requires a county recorder tohetoe issued 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 suchlife anestate. instrument unless the document complies with those requirements.
SectiontSection is5 5.5prohibits ofa thiscounty billrecorder providesfrom thatrecording thea provisionsdocument ofthat thisis actsuch doan notinstrument applyunless to the purchasedocument ofcomplies awith unitthose ofrequirements. residential real property completed on or before July 1, 2026.
THESection PEOPLE5.5 OFof THEthis STATEbill OFprovides NEVADA,that REPRESENTEDthe INprovisions SENATEof ANDthis ASSEMBLY,act DOdo ENACTnot ASapply FOLLOWS:to the purchase of a unit of residential real property completed on or before July 1, 2026.
Senate Amendment No.
32 to Senate Bill No.
10 Page 5 THE PEOPLE OF THE STATE OF NEVADA, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Chapter 111 of NRS is hereby amended by adding thereto the provisions set forth as sections 1.5 [2, 3 and] to 4,4 , inclusive, of this act.
(b) Stabilizing neighborhoods adversely affected by high-high-vacancy vacancy rates, foreclosure, blight or other signs of economic distress;
(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-liabilitylimited- liability companies and affiliates of such entities must not exceed [100] 1,000 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-liabilitylimited- liability companies and affiliates of such entities would exceed [100] 1,000 units.
[or] (d) The sale of an apartment building;building [.] ;
The Securities Division of the Office of the Secretary of State shall create and maintain:maintain [a] :
(a) A registry of corporations, foreign corporations, multinational corporations, pooled investment vehicles, limited-limited-liability liability companies and affiliates of such entities that purchase or own residential real property in this State.Senate Amendment No.
32 to Senate Bill No.
10 Page 6 State.
Except as otherwise provided in this subsection, a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liabilitylimited- liability company or an 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.
The requirement to register does not apply to a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-limited-liability - *SB10_R1* – 5 – liability company or an affiliate of such an entity that owns fewer than [10] 15 units of residential real property in this State.
The Secretary of State shall issue a certificate of registration to each corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-limited-liability liability company or affiliate of such an entity that registers pursuant to this section.
[6.] 8.
The Secretary of State may establish[charge reasonablea feesfee necessaryto foreach thecorporation, administrationlimited-liability company or affiliate of thissuch section.an entity that registers with the Securities Division pursuant to subsection 4.
7.] establish reasonable fees necessary for the administration of this section.
[8.] 10.
[(b)] (c) “Limited-liability company” has the meaning ascribed to it in NRS 86.061.
-Senate *SB10_R1*Amendment –No. 6 – (d) “Manufactured home” has the meaning ascribed to it in NRS 489.113.
(e)32 “Mobile home” has the meaning ascribed to itSenate inBill NRSNo. 489.120.
10 Page 7 [(c)] (d) “Manufactured home” has the meaning ascribed to it in NRS 489.113.
[(d)] (e) “Mobile home” has the meaning ascribed to it in NRS 489.120.
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.
5.Senate Amendment No.
32 to Senate Bill No.
10 Page 8 5.
Except as otherwise provided in subsection 10, if a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liabilitylimited- 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 provisions of subsection 7 do not apply to a corporation, foreign corporation, multinational corporation, pooled investment vehicle, limited-liabilitylimited- liability company or affiliate of such an entity that owns fewer than [10] 15 units of residential real property in this State.
H - *SB10_R1*