Bill Text: TX SB1979 | 2023-2024 | 88th Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to an annual study by the Texas A&M University Texas Real Estate Research Center of the purchase and sale of single-family homes by certain institutional buyers.

Spectrum: Partisan Bill (Republican 6-0)

Status: (Vetoed) 2023-06-16 - Vetoed by the Governor [SB1979 Detail]

Download: Texas-2023-SB1979-Introduced.html

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By: Hughes S.B. No. 1979

A BILL TO BE ENTITLED
AN ACT
relating to requiring certain entities to report purchases of
single-family homes.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Title 3, Property Code, is amended by adding
Chapter 16 to read as follows:
CHAPTER 16. MANDATORY REPORTING ON SINGLE-FAMILY HOMES
Sec. 16.001. DEFINITIONS. In this chapter:
(1) "Commission" means the Texas Real Estate Commission.
(2) "Institutional buyer" means a corporation, limited or
general partnership, limited liability company, business trust,
investment asset manager, real estate investment trust, joint
venture, joint stock company, or bank that purchases or acquires
for consideration more than 10 single-family homes in this state in
a calendar year.
Sec. 16.002. REPORTING ON SINGLE-FAMILY HOME PURCHASES. An
institutional buyer must file a report with the Commission. A
report filed under this section must include:
(1) the number of single-family homes purchased during
the calendar year for which the report is required;
(2) the number of single-family homes purchased during
the calendar year that the institutional buyer sold in the same
year;
(3) the number of single-family homes purchased during
the calendar year that are used as rental properties;
(4) each city and county where the single-family homes
are located, and the number of homes purchased in each city and
county;
(5) the appraised value of each single-family home
purchased during the calendar year; and
(6) the institutional buyer's name, dba, type,
registered office address, telephone number, and registered agent,
as applicable.
Sec. 16.003. REPORT BY THE COMMISSION. (a) An
institutional buyer required to submit a report under this chapter
must submit the report to the Commission not later than January 15th
of the year following the calendar year for which the report is
required. The Commission shall make the reported data available on
its website in a conspicuous location not later than seven days
after the report is submitted.
(b) The Commission shall compile all submitted reports into
a single final report showing the cumulative data from each
category described in Section 16.002, and shall make the final
report available on the Commission's website.
SECTION 2. The Texas Real Estate Commission shall adopt
rules as necessary to implement the provisions added by this Act.
SECTION 3. This Act applies to a purchase of a single family
home that occurs during the calendar year in which this Act takes
effect.
SECTION 4. This Act takes effect September 1, 2023.