88R505 DRS-F
By: Kolkhorst S.B. No. 147
A BILL TO BE ENTITLED
AN ACT
relating to the purchase of or acquisition of title to real property
by certain aliens or foreign entities.
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. PURCHASE OF OR ACQUISITION OF TITLE TO REAL
PROPERTY BY CERTAIN FOREIGN INDIVIDUALS OR ENTITIES PROHIBITED.
Notwithstanding any other law, the following may not purchase or
otherwise acquire title to real property in this state:
(1) a governmental entity of China, Iran, North Korea,
or Russia;
(2) a company or other entity that is:
(A) headquartered in China, Iran, North Korea, or
Russia;
(B) directly or indirectly held or controlled by
the government of China, Iran, North Korea, or Russia; or
(C) owned by or the majority of stock or other
ownership interest of which is held or controlled by individuals
who are citizens of China, Iran, North Korea, or Russia;
(3) a company or other entity that is owned by or the
majority of stock or other ownership interest of which is held or
controlled by a company or entity described by Subdivision (2); or
(4) an individual who is a citizen of China, Iran,
North Korea, or Russia.
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.