Bill Text: TX SB711 | 2023-2024 | 88th Legislature | Introduced


Bill Title: Relating to the purchase of or other acquisition of title to real property by prohibited foreign actors.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2023-03-02 - Left pending in committee [SB711 Detail]

Download: Texas-2023-SB711-Introduced.html
  2023S0068-1 01/27/23
 
  By: Perry S.B. No. 711
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the purchase of or other acquisition of title to real
  property by prohibited foreign actors.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 5.005, Property Code, is amended to read
  as follows:
         Sec. 5.005.  ALIENS. Except as provided by Section 5.0051,
  an [An] alien has the same real and personal property rights as a
  United States citizen.
         SECTION 2.  Subchapter A, Chapter 5, Property Code, is
  amended by adding Section 5.0051 to read as follows:
         Sec. 5.0051.  FOREIGN OWNERSHIP OR ACQUISITION OF REAL
  PROPERTY. (a)  In this section:
               (1)  "Real property" has the meaning assigned by
  Section 1.04(2), Tax Code.
               (2)  "Prohibited foreign actor" means an alien,
  business, government, or an agent, trustee, or fiduciary of an
  alien, business, or government from a country identified as a
  country that poses a risk to the national security of the United
  States in the most recent annual report on worldwide threats,
  commonly known as the Annual Threat Assessment, issued by the
  Director of National Intelligence pursuant to Section 108B,
  National Security Act of 1947 (50 U.S.C. 3043b).
         (b)  Notwithstanding any other law, a prohibited foreign
  actor may not purchase or otherwise acquire title to real property
  in this state without written notification to the seller.
         (c)  A buyer required to provide written notification under
  Subsection (b) shall do so as soon as reasonably possible, but not
  later than 10 days before the closing of the property. The
  notification shall specifically identify:
               (1)  whether the buyer is an alien, foreign business,
  foreign government, or an agent, trustee, or fiduciary of an alien,
  foreign business, or foreign government; and 
               (2)  the buyer's country of citizenship or country of
  creation or organization.
         (d)  Upon receipt of written notification described by
  Subsection (c), a seller may choose to proceed with the sale of the
  property or immediately revoke any promise to sell the property.
         (e)  A court shall dismiss any action brought against a
  seller for revoking a promise to sell real property based on a
  notification provided under Subsection (c), and no party shall
  recover any damages in a suit against a seller if the seller revokes
  a promise to sell based on notification provided under Subsection
  (c).
         (f)  The Texas Real Estate Commission shall develop a form to
  provide the written notification required by Subsection (c).
         SECTION 3.  The changes in law made by this Act apply only to
  the purchase of or other acquisition of title to real property on or
  after the effective date of this Act. The purchase of or other
  acquisition of title to real property before the effective date of
  this Act is governed by the law in effect immediately before the
  effective date of this Act, and that law is continued in effect for
  that purpose.
         SECTION 4.  This Act takes effect September 1, 2023.
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