Bill Text: TX HB1057 | 2023-2024 | 88th Legislature | Introduced
Bill Title: Relating to restrictions on the purchase of a single-family home by an investment firm.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2023-03-02 - Referred to Business & Industry [HB1057 Detail]
Download: Texas-2023-HB1057-Introduced.html
88R3063 ATP-D | ||
By: Hinojosa | H.B. No. 1057 |
|
||
|
||
relating to restrictions on the purchase of a single-family home by | ||
an investment firm. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter A, Chapter 5, Property Code, is | ||
amended by adding Section 5.0155 to read as follows: | ||
Sec. 5.0155. LIMITATION ON CERTAIN PURCHASERS. (a) In this | ||
section, "investment firm" means a corporation or trust engaged in | ||
the business of investing the pooled capital of investors in | ||
financial securities. | ||
(b) An investment firm may not enter into an executory | ||
contract to purchase a single-family home that is listed for sale | ||
before the 30th day after the date the home is listed. | ||
(c) A contract entered into in violation of this section is | ||
voidable by the seller at any time before the contract is fully | ||
executed. | ||
SECTION 2. Section 5.0155, Property Code, as added by this | ||
Act, applies only to an executory contract entered into on or after | ||
the effective date of this Act. | ||
SECTION 3. This Act takes effect September 1, 2023. |