S.B. No. 17 aims to regulate the purchase or acquisition of real property by certain foreign individuals and entities in Texas, establishing a criminal offense for violations. The bill amends existing laws to clarify that aliens have the same property rights as U.S. citizens, except as specified in the new Subchapter H. This subchapter introduces definitions for terms such as "agricultural land," "company," and "designated country," and outlines the prohibitions against purchasing real property by individuals or entities associated with designated countries that pose national security risks. Notably, the bill specifies that governmental entities from designated countries, companies headquartered there, and individuals who are citizens of such countries and are not domiciled in the U.S. are barred from acquiring real property.

Additionally, the bill empowers the Texas Attorney General to investigate potential violations and enforce compliance through civil actions. If a violation is found, the Attorney General can initiate proceedings to divest the offending party of their property interest and appoint a receiver to manage the property during the process. The bill also establishes penalties for individuals and entities that violate these provisions, including fines based on the market value of the property involved. The changes will take effect on September 1, 2025, and will only apply to transactions occurring after that date.

Statutes affected:
Introduced: Civil Practice and Remedies Code 64.001, Property Code 5.005 (Civil Practice and Remedies Code 64, Property Code 5)
Senate Committee Report: Civil Practice and Remedies Code 64.001, Property Code 5.005 (Civil Practice and Remedies Code 64, Property Code 5)
Engrossed: Civil Practice and Remedies Code 64.001, Property Code 5.005 (Civil Practice and Remedies Code 64, Property Code 5)
House Committee Report: Civil Practice and Remedies Code 64.001, Property Code 5.005 (Civil Practice and Remedies Code 64, Property Code 5)