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A BILL TO BE ENTITLED
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AN ACT
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relating to the registration of financial institutions and |
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investment firms that lease residential real property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 92, Property Code, is |
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amended by adding Section 92.209 to read as follows: |
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Sec. 92.209. REGISTRY OF CERTAIN LANDLORDS. (a) In this |
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section: |
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(1) "Financial institution" has the meaning assigned |
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by Section 201.101, Finance Code. |
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(2) "Investment firm" means a corporation or trust |
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engaged in the business of investing the pooled capital of |
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investors in financial securities. |
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(b) A financial institution or investment firm that owns and |
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offers for lease a dwelling in this state must register with the |
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comptroller. The registration must contain the name of the |
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institution or firm, the number of dwellings owned in each county, |
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and any other information required by the comptroller by rule. |
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(c) The comptroller shall compile and maintain the |
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information in a registry that is available in a searchable format |
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on its Internet website. |
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(d) The comptroller may notify any appropriate regulatory |
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authority regarding a person's failure to register as required by |
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Subsection (b). |
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(e) The comptroller shall adopt rules as necessary to |
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implement and administer this section, including rules |
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establishing deadlines for registration under this section. |
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SECTION 2. This Act takes effect January 1, 2024. |