WA SB5580

Establishes a corporate homeowner registration program within the Secretary of State's office requiring entities owning 20 or more single-family homes or condominium units in Washington to register and report ownership details, property addresses, purchase prices, and intended use (rental, lease-purchase, or sale)

Requires registered entities to disclose contact information, business names, ownership structure, and any corporations or partnerships holding 10% or more ownership, with updates due within 60 days of any property sales or information changes

Exempts banks holding foreclosed properties for less than 12 months and build-to-rent units from registration requirements

Creates the corporate homeowner transparency account funded by registration fees to administer the program, with the Secretary of State authorized to set fees by rule

Registration requirements take effect January 1, 2026, with the bill citing that corporate buyers accounted for 22% of Washington single-family home purchases in 2022, a 102% increase from 2020