88R3063 ATP-D
 
  By: Hinojosa H.B. No. 1057
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to restrictions on the purchase of a single-family home by
  an investment firm.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter A, Chapter 5, Property Code, is
  amended by adding Section 5.0155 to read as follows:
         Sec. 5.0155.  LIMITATION ON CERTAIN PURCHASERS. (a) In this
  section, "investment firm" means a corporation or trust engaged in
  the business of investing the pooled capital of investors in
  financial securities.
         (b)  An investment firm may not enter into an executory
  contract to purchase a single-family home that is listed for sale
  before the 30th day after the date the home is listed.
         (c)  A contract entered into in violation of this section is
  voidable by the seller at any time before the contract is fully
  executed.
         SECTION 2.  Section 5.0155, Property Code, as added by this
  Act, applies only to an executory contract entered into on or after
  the effective date of this Act.
         SECTION 3.  This Act takes effect September 1, 2023.