By: Hughes, et al. S.B. No. 1979
 
  (Harris of Williamson)
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to an annual study by the Texas A&M University Texas Real
  Estate Research Center of the purchase and sale of single-family
  homes by certain institutional buyers.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Subchapter C, Chapter 86, Education Code, is
  amended by adding Section 86.531 to read as follows:
         Sec. 86.531.  ANNUAL STUDY AND REPORT ON SINGLE-FAMILY HOME
  PURCHASES AND SALES BY CERTAIN INSTITUTIONAL BUYERS.  (a)  In this
  section, "institutional buyer" means a corporation, limited or
  general partnership, limited liability company, business trust,
  investment asset manager, real estate investment trust, joint
  venture, joint stock company, or bank that purchases or acquires
  for consideration 10 or more single-family homes in this state in a
  calendar year.
         (b)  Using existing available data and deed records, the
  center shall annually compile information related to institutional
  buyers' purchases and sales of single-family homes in this state
  for the calendar year.  The information must include: 
               (1)  the number of single-family homes purchased by
  each institutional buyer in the calendar year;
               (2)  of the single-family homes described by
  Subdivision (1), the number acquired through foreclosure;
               (3)  of the single-family homes described by
  Subdivision (1), the number sold by each institutional buyer during
  the same year;
               (4)  of the single-family homes described by
  Subdivision (1), the number used as rental properties during the
  same year;
               (5)  the city and county where each single-family home
  described by Subdivision (1) is located and the number of homes
  purchased in each city or county; and 
               (6)  the appraised value of each single-family home
  described by Subdivision (1).
         (c)  In addition to the information required by Subsection
  (b), the center may compile additional information:
               (1)  at the recommendation of the legislature; or
               (2)  that the center determines is relevant based on
  market trends.
         (d)  Not later than June 1 of each year, the center shall
  submit a report to the lieutenant governor, the speaker of the house
  of representatives, and each member of the legislature. The report
  must contain: 
               (1)  a summary of the information compiled under
  Subsection (b) for the preceding calendar year; and
               (2)  an assessment of any trends or patterns relating
  to the relative number of purchases by institutional buyers,
  including whether the institutional buyers fall into any readily
  observable groups based on number of purchases or other appropriate
  criteria.
         (e)  After completing the initial report under this section,
  the center may compile information from any calendar years
  preceding 2023 to create and submit reports for those years that
  include the information listed in Subsections (b) and (d). 
         SECTION 2.  As soon as practicable after the effective date
  of this Act, the Texas A&M University Texas Real Estate Research
  Center shall take any actions necessary to prepare to implement
  Section 86.531, Education Code, as added by this Act, and submit the
  initial report required under Section 86.531(d), Education Code, as
  added by this Act, not later than June 1, 2024.
         SECTION 3.  This Act takes effect September 1, 2023.