The bill amends the Civil Practice and Remedies Code and the Property Code to regulate the purchase or acquisition of title to real property by certain foreign individuals and entities. It introduces a new subchapter, Subchapter H, which defines terms such as "company" and "designated country," and outlines exceptions for U.S. citizens and lawful residents. The bill prohibits individuals and entities from designated countries, including China, Iran, North Korea, and Russia, from acquiring real property in Texas. It also allows the governor to designate additional countries subject to these restrictions and establishes penalties for violations, including fines and potential criminal charges.

Key provisions include the appointment of a receiver for properties acquired in violation of the law, and the establishment of enforcement procedures by the attorney general. The bill specifies that individuals domiciled in designated countries who knowingly acquire real property will commit a state jail felony. Additionally, companies found in violation will face significant 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)