| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to interests of certain foreign governments in real |
|
|
property. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 5.005, Property Code, is amended to read |
|
|
as follows: |
|
|
Sec. 5.005. ALIENS. Except as provided by Subchapter H, an |
|
|
[An] alien has the same real and personal property rights as a |
|
|
United States citizen. |
|
|
SECTION 2. Chapter 5, Property Code, is amended by adding |
|
|
Subchapter H to read as follows: |
|
|
SUBCHAPTER H. INTERESTS OF CERTAIN FOREIGN GOVERNMENTS IN REAL |
|
|
PROPERTY |
|
|
Sec. 5.251. DEFINITION. In this subchapter, "foreign |
|
|
government" means the government of China, Iran, Iraq, North Korea, |
|
|
Russia, or Syria. |
|
|
Sec. 5.252. CERTAIN INTERESTS IN REAL PROPERTY PROHIBITED. |
|
|
(a) Notwithstanding any other law, and except as provided by |
|
|
Section 5.253, the following may not lease, purchase, or otherwise |
|
|
acquire title to or hold any other interest in real property in this |
|
|
state: |
|
|
(1) a foreign government; |
|
|
(2) a company or other entity that is directly or |
|
|
indirectly held or controlled by a foreign government; or |
|
|
(3) a company or other entity that is owned by or the |
|
|
majority of stock or other ownership interest of which is held or |
|
|
controlled by a company or entity described by Subdivision (2). |
|
|
(b) A transfer of an interest in real property in violation |
|
|
of this section is void. |
|
|
Sec. 5.253. PROPERTY INTEREST HELD ON AUGUST 31, 2025. (a) |
|
|
Subject to Subsection (b), an entity described by Section 5.252 may |
|
|
hold an interest in real property if the interest was held by the |
|
|
entity on August 31, 2025. |
|
|
(b) An interest in real property held by an entity described |
|
|
by Section 5.252 that terminates on or after September 1, 2025, may |
|
|
not be renewed by the entity. |
|
|
SECTION 3. This Act takes effect September 1, 2025. |