In the U.S., they are preparing the Katy Perry Act (Katy PERRY Act), also known as the Protecting Elder Realty for Retirement Years Act (Protecting Elder Realty for Retirement Years Act). What is the reason for this name, and what does the new legislative initiative imply?

The Katy Perry Act, if it were to become law, would mandate a 72-hour waiting period before people 75 and older could sell real estate. This time frame gives senior citizens more time to consider the terms of the transaction carefully and speak with family members or attorneys before deciding to move forward with the transaction.

One of the key events that prompted this bill was a legal dispute between famous pop star Katy Perry and 84-year-old entrepreneur Carl Westcott. He filed a lawsuit to stop the sale of his eight-bedroom, 11-bathroom Santa Barbara mansion to Perry and her partner, Orlando Bloom.

The singer and actor had planned to buy the mansion for $15 million, but now Westcott and his family are trying to stop the deal from going through. Westcott claims he was unable to give informed consent to the sale because of his mental illness and his use of prescription opiates following a major surgery. His family is working with him to ensure the house does not become Perry's property. And this, by the way, is not the first time the singer has been at the center of such scandals.

The bill has been introduced in both the House and Senate and has received bipartisan support. However, it has yet to be passed into law. Supporters of the bill say it is necessary to protect seniors given the rise in real estate fraud, which has increased by 400% in recent years, according to the FBI. The Federal Trade Commission reports that seniors lost more than $500 million to such schemes in 2020.

Opponents of the initiative argue that it would place an undue burden on the market and could cause an increase in lawsuits. They believe existing laws are sufficient.