By: Hughes S.B. No. 1979
 
 
 
   
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to requiring certain entities to report purchases of
  single-family homes.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Title 3, Property Code, is amended by adding
  Chapter 16 to read as follows:
               CHAPTER 16. MANDATORY REPORTING ON SINGLE-FAMILY HOMES
         Sec. 16.001.  DEFINITIONS.  In this chapter:
         (1)  "Commission" means the Texas Real Estate Commission. 
         (2)  "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 more than 10 single-family homes in this state in
  a calendar year. 
         Sec. 16.002.  REPORTING ON SINGLE-FAMILY HOME PURCHASES.  An
  institutional buyer must file a report with the Commission.  A
  report filed under this section must include: 
               (1)  the number of single-family homes purchased during
  the calendar year for which the report is required; 
               (2)  the number of single-family homes purchased during
  the calendar year that the institutional buyer sold in the same
  year; 
               (3)  the number of single-family homes purchased during
  the calendar year that are used as rental properties;
               (4)  each city and county where the single-family homes
  are located, and the number of homes purchased in each city and
  county; 
               (5)  the appraised value of each single-family home
  purchased during the calendar year; and
               (6)  the institutional buyer's name, dba, type,
  registered office address, telephone number, and registered agent,
  as applicable. 
         Sec. 16.003.  REPORT BY THE COMMISSION.  (a) An
  institutional buyer required to submit a report under this chapter
  must submit the report to the Commission not later than January 15th
  of the year following the calendar year for which the report is
  required. The Commission shall make the reported data available on
  its website in a conspicuous location not later than seven days
  after the report is submitted. 
         (b)  The Commission shall compile all submitted reports into
  a single final report showing the cumulative data from each
  category described in Section 16.002, and shall make the final
  report available on the Commission's website. 
         SECTION 2.  The Texas Real Estate Commission shall adopt
  rules as necessary to implement the provisions added by this Act.
         SECTION 3.  This Act applies to a purchase of a single family
  home that occurs during the calendar year in which this Act takes
  effect.
         SECTION 4.  This Act takes effect September 1, 2023.