SB 391 — Revises provisions relating to real property. (BDR 10-84)

REQUIRES TWO-THIRDS MAJORITY VOTE (§ 2) EXEMPT (Reprinted with amendments adopted on MayApril 27,21, 2025) SECONDFIRST REPRINT S.B.

making an appropriation;

Section 2 also requires the Securities Division of the Office of the Secretary of State to create and maintain a registry of corporations, limited-liability companies - *SB391_R2**SB391_R1* – 2 – and any affiliates of such entities that purchase or own residential real property in this State.

(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 provide to the Secretary of State upon request certain information relating to the requirement imposedof by section 2.

State for personnel, travel, operating, equipment, information services andtary of contractor costs to carry out the provisions of section 2.

- *SB391_R1* – 3 – (a) The intracorporate sale or transfer of units of residential real property;

- *SB391_R2* – 3 – (b) The sale of newly constructed units of residential real property;

- *SB391_R2**SB391_R1* – 4 – 2.

- *SB391_R2**SB391_R1* – 5 – 6.

(Deleted1. by amendment.) Sec.

There is hereby appropriated from the State General Fund to the Office of the Secretary of State for the costs of personnel, travel, operating, equipment, information services and contractors to carry out the provisions of section 2 of this act the following sums:

For the Fiscal Year 2025-2026..................................$476,004 For the Fiscal Year 2026-2027....................................$81,705 - *SB391_R1* – 6 – 2.

Any balance of the sums appropriated by subsection 1 remaining at the end of the respective fiscal years must not be committed for expenditure after June 30 of the respective fiscal years by the entity to which the appropriation is made or any entity transferred in any manner, and any portion of the appropriated money remaining must not be spent for any purpose after September 18, 2026, and September 17, 2027, respectively, by either the entity to which the money was appropriated or the entity to which the money was subsequently granted or transferred, and must be reverted to the State General Fund on or before September 18, 2026, and September 17, 2027, respectively.

Sec.

This act becomes effective:

UponThis passagesection and approvalsection for6 the purposes of adoptingthis regulationsact andbecome performingeffective anyon otherJuly preparatory1, administrative2025. tasks that are necessary to carry out the provisions of this act;

and 2.

OnSections January1 1,to 2026,5, forinclusive, allof otherthis purposes.act become effective:

H(a) -Upon *SB391_R2*passage and approval for the purposes of adopting regulations and performing any other preparatory administrative tasks that are necessary to carry out the provisions of this act;

and (b) On January 1, 2026, for all other purposes.

H - *SB391_R1*