BILL ANALYSIS

Senate Research Center	C.S.S.B. 2142
88R25236 LRM-F	By: Parker
	State Affairs
	4/24/2023
	Committee Report (Substituted)

AUTHOR'S / SPONSOR'S STATEMENT OF INTENT

C.S.S.B. 2142 amends current law relating to requiring the attorney general to establish a process to identify and report certain foreign-related transactions in this state to the Committee on Foreign Investment in the United States.

RULEMAKING AUTHORITY

Rulemaking authority is expressly granted to the Office of the Attorney General in SECTION 1 (Section 402.040, Government Code) of this bill.

SECTION BY SECTION ANALYSIS

SECTION 1. Amends Subchapter B, Chapter 402, Government Code, by adding Section 402.040, as follows:

Sec. 402.040. REPORTING NON-NOTIFIED FOREIGN TRANSACTIONS. (a) Defines "non-notified transactions" as foreign investments in the United States that are not voluntarily submitted to the Committee on Foreign Investment in the United States (committee) for review under 50 U.S.C. Section 4565.

(b) Requires the Office of the Attorney General (OAG) to establish a process by which local officials, state officials, or other persons may submit to OAG information or concerns regarding non-notified transactions in this state. Authorizes OAG to adopt any necessary rules to implement this subsection.

(c) Authorizes the attorney general to submit a memorandum or report concerning non-notified transactions OAG has identified in this state to the committee.

(d) Requires OAG to:

(1) retain a copy of any documents submitted to the committee described by Subsection (c) that are included with a memorandum or report submitted under that subsection; and

(2) notify the legislature and the governor as soon as practicable after submitting a memorandum, report, or other information under Subsection (c).

SECTION 2. Effective date: September 1, 2023.