Texas 2023 - 88th Regular

Texas Senate Bill SB711 Compare Versions

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1	1	2023S0068-1 01/27/23
2	2	By: Perry S.B. No. 711
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to the purchase of or other acquisition of title to real
8	8	property by prohibited foreign actors.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Section 5.005, Property Code, is amended to read
11	11	as follows:
12	12	Sec. 5.005. ALIENS. Except as provided by Section 5.0051,
13	13	an [An] alien has the same real and personal property rights as a
14	14	United States citizen.
15	15	SECTION 2. Subchapter A, Chapter 5, Property Code, is
16	16	amended by adding Section 5.0051 to read as follows:
17	17	Sec. 5.0051. FOREIGN OWNERSHIP OR ACQUISITION OF REAL
18	18	PROPERTY. (a) In this section:
19	19	(1) "Real property" has the meaning assigned by
20	20	Section 1.04(2), Tax Code.
21	21	(2) "Prohibited foreign actor" means an alien,
22	22	business, government, or an agent, trustee, or fiduciary of an
23	23	alien, business, or government from a country identified as a
24	24	country that poses a risk to the national security of the United
25	25	States in the most recent annual report on worldwide threats,
26	26	commonly known as the Annual Threat Assessment, issued by the
27	27	Director of National Intelligence pursuant to Section 108B,
28	28	National Security Act of 1947 (50 U.S.C. 3043b).
29	29	(b) Notwithstanding any other law, a prohibited foreign
30	30	actor may not purchase or otherwise acquire title to real property
31	31	in this state without written notification to the seller.
32	32	(c) A buyer required to provide written notification under
33	33	Subsection (b) shall do so as soon as reasonably possible, but not
34	34	later than 10 days before the closing of the property. The
35	35	notification shall specifically identify:
36	36	(1) whether the buyer is an alien, foreign business,
37	37	foreign government, or an agent, trustee, or fiduciary of an alien,
38	38	foreign business, or foreign government; and
39	39	(2) the buyer's country of citizenship or country of
40	40	creation or organization.
41	41	(d) Upon receipt of written notification described by
42	42	Subsection (c), a seller may choose to proceed with the sale of the
43	43	property or immediately revoke any promise to sell the property.
44	44	(e) A court shall dismiss any action brought against a
45	45	seller for revoking a promise to sell real property based on a
46	46	notification provided under Subsection (c), and no party shall
47	47	recover any damages in a suit against a seller if the seller revokes
48	48	a promise to sell based on notification provided under Subsection
49	49	(c).
50	50	(f) The Texas Real Estate Commission shall develop a form to
51	51	provide the written notification required by Subsection (c).
52	52	SECTION 3. The changes in law made by this Act apply only to
53	53	the purchase of or other acquisition of title to real property on or
54	54	after the effective date of this Act. The purchase of or other
55	55	acquisition of title to real property before the effective date of
56	56	this Act is governed by the law in effect immediately before the
57	57	effective date of this Act, and that law is continued in effect for
58	58	that purpose.
59	59	SECTION 4. This Act takes effect September 1, 2023.