02:24 PM EDT, 09/24/2024 (MT Newswires) -- (Updates with details from the company's statement in the sixth paragraph.)

Invitation Homes ( INVH ) has agreed to a $48 million settlement with the Federal Trade Commission for an array of alleged unlawful actions against its tenants, the regulator said Tuesday.

The $48 million will be used to refund consumers harmed by its actions, the FTC said. Invitation Homes ( INVH ) will also be required to clearly disclose its leasing prices, create policies and procedures to fairly handle security deposit refunds and stop all other unlawful behavior, the FTC said.

Invitation Homes ( INVH ) allegedly advertised monthly rental rates that did not include "mandatory junk fees" that could total more than $1,700 yearly.

Consumers learned of the undisclosed fees, such as "smart home" technology and "utility management" service fees, only when they received a copy of their lease or after signing the lease, the FTC said.

The company was also accused of failing to inspect homes before residents moved in, and unfairly withholding tenants' security deposits when they moved out.

Invitation Homes ( INVH ) said Tuesday that the agreement contains no admission of wrongdoing by the company and brings to an end a three-year investigation by the FTC.

Shares of the company were down 2.6% in recent trading.

Price: 35.52, Change: -0.98, Percent Change: -2.68