By: Parker S.B. No. 2142

(In the Senate - Filed March 9, 2023; March 21, 2023, read first time and referred to Committee on State Affairs; April 25, 2023, reported adversely, with favorable Committee Substitute by the following vote: Yeas 10, Nays 0; April 25, 2023, sent to printer.) Click here to see the committee vote

COMMITTEE SUBSTITUTE FOR S.B. No. 2142 By: Hughes

A BILL TO BE ENTITLED

AN ACT

relating to requiring the attorney general to establish a process to identify and report certain foreign-related transactions in this state to the Committee on Foreign Investment in the United States.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:

SECTION 1. Subchapter B, Chapter 402, Government Code, is amended by adding Section 402.040 to read as follows:

Sec. 402.040. REPORTING NON-NOTIFIED FOREIGN TRANSACTIONS. (a) In this section, "non-notified transactions" means foreign investments in the United States that are not voluntarily submitted to the Committee on Foreign Investment in the United States for review under 50 U.S.C. Section 4565.

(b) The office of the attorney general shall establish a process by which local officials, state officials, or other persons may submit to the office information or concerns regarding non-notified transactions in this state. The office of the attorney general may adopt any necessary rules to implement this subsection.

(c) The attorney general may submit a memorandum or report concerning non-notified transactions the office of the attorney general has identified in this state to the Committee on Foreign Investment in the United States.

(d) The office of the attorney general shall:

(1) retain a copy of any documents submitted to the committee described by Subsection (c) that are included with a memorandum or report submitted under that subsection; and

(2) notify the legislature and the governor as soon as practicable after submitting a memorandum, report, or other information under Subsection (c).

SECTION 2. This Act takes effect September 1, 2023.

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