Illinois HB 4387: CORP OWNERSHIP PROPERTY

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
HB4387

Introduced 1/14/2026, by Rep. Jed Davis 

SYNOPSIS AS INTRODUCED:

New Act

 Creates the Corporate Ownership of Residential Property Act. Provides that, beginning January 1, 2027, a company to which the Act applies is prohibited from owning more than 500 residential properties in Illinois, including residential property held by affiliated entities or persons. Requires each company owning more than 500 residential properties to register annually with the Department of Financial and Professional Regulation. Requires each company owning more than 200 residential properties but less than 500 residential properties to provide to the Department a list of all residential properties owned, a disclosure of all affiliated entities and beneficial owners, and an affirmation of compliance with the Act. Requires the Department to enforce the Act. Grants the Department rulemaking powers. Limits home rule powers. Makes other changes. Effective immediately.

LRB104 17495 JRC 30921 b

A BILL FOR

HB4387LRB104 17495 JRC 30921 b

1 AN ACT concerning civil law.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 1. Short title. This Act may be cited as the 

5Corporate Ownership of Residential Property Act.

6 Section 5. Findings and purpose. The General Assembly 

7finds and declares the following:

8 (1) Residential housing is a critical public good 

9 essential to the health, safety, and welfare of the people 

10 of Illinois.

11 (2) A growing number of residential properties are 

12 being acquired and held by corporations and institutional 

13 investors, which contributes to rising housing costs, 

14 reduced homeownership opp