The bill amends the Civil Practice and Remedies Code and the Property Code in Texas to regulate the purchase or acquisition of real property by certain foreign individuals and entities. It introduces a new Subchapter H to the Property Code, which defines terms such as "company" and "designated country," and outlines the prohibitions against purchasing real property for individuals and entities from designated countries, including China, Iran, North Korea, and Russia. The bill specifies that aliens have the same property rights as U.S. citizens, except as provided in the new subchapter. It also establishes exceptions for U.S. citizens and lawful residents, as well as leasehold interests.

Additionally, the bill creates a criminal offense for individuals domiciled in designated countries who intentionally acquire real property in Texas, classifying it as a state jail felony. The Attorney General is tasked with investigating potential violations and enforcing the provisions of the new subchapter. If a violation is found, the court may divest the violator's interest in the property and appoint a receiver to manage it. The bill also outlines penalties, including fines for companies that violate the regulations. 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)