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A BILL TO BE ENTITLED
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AN ACT
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relating to the purchase of or acquisition of title to real property |
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by certain aliens or foreign entities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 5.005, Property Code, is amended to read |
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as follows: |
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Sec. 5.005. ALIENS. Except as provided by Section 5.0051, |
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an [An] alien has the same real and personal property rights as a |
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United States citizen. |
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SECTION 2. Subchapter A, Chapter 5, Property Code, is |
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amended by adding Section 5.0051 to read as follows: |
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Sec. 5.0051. PURCHASE OF OR ACQUISITION OF TITLE TO REAL |
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PROPERTY BY CERTAIN FOREIGN INDIVIDUALS OR ENTITIES PROHIBITED. |
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Notwithstanding any other law, the following may not purchase or |
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otherwise acquire title to real property in this state: |
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(1) a governmental entity of China, Iran, North Korea, |
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or Russia; |
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(2) a company or other entity that is: |
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(A) headquartered in China, Iran, North Korea, or |
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Russia; |
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(B) directly or indirectly held or controlled by |
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the government of China, Iran, North Korea, or Russia; or |
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(C) owned by or the majority of stock or other |
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ownership interest of which is held or controlled by individuals |
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who are citizens of China, Iran, North Korea, or Russia; |
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(3) a company or other entity that is owned by or the |
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majority of stock or other ownership interest of which is held or |
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controlled by a company or entity described by Subdivision (2); or |
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(4) an individual who is a citizen of China, Iran, |
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North Korea, or Russia. |
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SECTION 3. The changes in law made by this Act apply only to |
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the purchase of or other acquisition of title to real property on or |
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after the effective date of this Act. The purchase of or other |
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acquisition of title to real property before the effective date of |
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this Act is governed by the law in effect immediately before the |
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effective date of this Act, and that law is continued in effect for |
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that purpose. |
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SECTION 4. This Act takes effect September 1, 2023. |