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A BILL TO BE ENTITLED
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AN ACT
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relating to requiring the attorney general to establish a process |
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to identify and report certain foreign-related transactions in this |
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state to the Committee on Foreign Investment in the United States. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 402, Government Code, is |
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amended by adding Section 402.040 to read as follows: |
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Sec. 402.040. REPORTING NON-NOTIFIED FOREIGN TRANSACTIONS. |
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(a) In this section, "non-notified transactions" means foreign |
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investments in the United States that are not voluntarily submitted |
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to the Committee on Foreign Investment in the United States for |
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review under 50 U.S.C. Section 4565. |
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(b) The office of the attorney general shall establish a |
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process by which local officials, state officials, or other persons |
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may submit to the office information or concerns regarding |
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non-notified transactions in this state. The office of the |
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attorney general may adopt any necessary rules to implement this |
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subsection. |
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(c) The attorney general may submit a memorandum or report |
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concerning non-notified transactions the office of the attorney |
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general has identified in this state to the Committee on Foreign |
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Investment in the United States. |
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(d) The office of the attorney general shall: |
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(1) retain a copy of any documents submitted to the |
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committee described by Subsection (c) that are included with a |
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memorandum or report submitted under that subsection; and |
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(2) notify the legislature and the governor as soon as |
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practicable after submitting a memorandum, report, or other |
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information under Subsection (c). |
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SECTION 2. This Act takes effect September 1, 2023. |