| 1 | 1 | | 88R3063 ATP-D |
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| 2 | 2 | | By: Hinojosa H.B. No. 1057 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to restrictions on the purchase of a single-family home by |
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| 8 | 8 | | an investment firm. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Subchapter A, Chapter 5, Property Code, is |
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| 11 | 11 | | amended by adding Section 5.0155 to read as follows: |
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| 12 | 12 | | Sec. 5.0155. LIMITATION ON CERTAIN PURCHASERS. (a) In this |
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| 13 | 13 | | section, "investment firm" means a corporation or trust engaged in |
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| 14 | 14 | | the business of investing the pooled capital of investors in |
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| 15 | 15 | | financial securities. |
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| 16 | 16 | | (b) An investment firm may not enter into an executory |
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| 17 | 17 | | contract to purchase a single-family home that is listed for sale |
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| 18 | 18 | | before the 30th day after the date the home is listed. |
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| 19 | 19 | | (c) A contract entered into in violation of this section is |
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| 20 | 20 | | voidable by the seller at any time before the contract is fully |
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| 21 | 21 | | executed. |
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| 22 | 22 | | SECTION 2. Section 5.0155, Property Code, as added by this |
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| 23 | 23 | | Act, applies only to an executory contract entered into on or after |
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| 24 | 24 | | the effective date of this Act. |
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| 25 | 25 | | SECTION 3. This Act takes effect September 1, 2023. |
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