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A BILL TO BE ENTITLED
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AN ACT
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relating to requiring certain entities to report purchases of |
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single-family homes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Title 3, Property Code, is amended by adding |
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Chapter 16 to read as follows: |
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CHAPTER 16. MANDATORY REPORTING ON SINGLE-FAMILY HOMES |
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Sec. 16.001. DEFINITIONS. In this chapter: |
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(1) "Commission" means the Texas Real Estate Commission. |
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(2) "Institutional buyer" means a corporation, limited or |
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general partnership, limited liability company, business trust, |
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investment asset manager, real estate investment trust, joint |
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venture, joint stock company, or bank that purchases or acquires |
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for consideration more than 10 single-family homes in this state in |
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a calendar year. |
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Sec. 16.002. REPORTING ON SINGLE-FAMILY HOME PURCHASES. An |
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institutional buyer must file a report with the Commission. A |
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report filed under this section must include: |
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(1) the number of single-family homes purchased during |
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the calendar year for which the report is required; |
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(2) the number of single-family homes purchased during |
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the calendar year that the institutional buyer sold in the same |
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year; |
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(3) the number of single-family homes purchased during |
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the calendar year that are used as rental properties; |
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(4) each city and county where the single-family homes |
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are located, and the number of homes purchased in each city and |
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county; |
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(5) the appraised value of each single-family home |
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purchased during the calendar year; and |
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(6) the institutional buyer's name, dba, type, |
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registered office address, telephone number, and registered agent, |
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as applicable. |
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Sec. 16.003. REPORT BY THE COMMISSION. (a) An |
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institutional buyer required to submit a report under this chapter |
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must submit the report to the Commission not later than January 15th |
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of the year following the calendar year for which the report is |
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required. The Commission shall make the reported data available on |
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its website in a conspicuous location not later than seven days |
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after the report is submitted. |
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(b) The Commission shall compile all submitted reports into |
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a single final report showing the cumulative data from each |
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category described in Section 16.002, and shall make the final |
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report available on the Commission's website. |
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SECTION 2. The Texas Real Estate Commission shall adopt |
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rules as necessary to implement the provisions added by this Act. |
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SECTION 3. This Act applies to a purchase of a single family |
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home that occurs during the calendar year in which this Act takes |
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effect. |
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SECTION 4. This Act takes effect September 1, 2023. |