Bill Text: TX SB1979 | 2023-2024 | 88th Legislature | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Relating to an annual study by the Texas A&M University Texas Real Estate Research Center of the purchase and sale of single-family homes by certain institutional buyers.
Spectrum: Partisan Bill (Republican 6-0)
Status: (Vetoed) 2023-06-16 - Vetoed by the Governor [SB1979 Detail]
Download: Texas-2023-SB1979-Engrossed.html
Bill Title: Relating to an annual study by the Texas A&M University Texas Real Estate Research Center of the purchase and sale of single-family homes by certain institutional buyers.
Spectrum: Partisan Bill (Republican 6-0)
Status: (Vetoed) 2023-06-16 - Vetoed by the Governor [SB1979 Detail]
Download: Texas-2023-SB1979-Engrossed.html
By: Hughes, et al. | S.B. No. 1979 |
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relating to an annual study by the Texas A&M University Texas Real | ||
Estate Research Center of the purchase and sale of single-family | ||
homes by certain institutional buyers. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subchapter C, Chapter 86, Education Code, is | ||
amended by adding Section 86.531 to read as follows: | ||
Sec. 86.531. ANNUAL STUDY AND REPORT ON SINGLE-FAMILY HOME | ||
PURCHASES AND SALES BY CERTAIN INSTITUTIONAL BUYERS. (a) In this | ||
section, "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 10 or more single-family homes in this state in a | ||
calendar year. | ||
(b) Using existing available data and deed records, the | ||
center shall annually compile information related to institutional | ||
buyers' purchases and sales of single-family homes in this state | ||
for the calendar year. The information must include: | ||
(1) the number of single-family homes purchased by | ||
each institutional buyer in the calendar year; | ||
(2) of the single-family homes described by | ||
Subdivision (1), the number acquired through foreclosure; | ||
(3) of the single-family homes described by | ||
Subdivision (1), the number sold by each institutional buyer during | ||
the same year; | ||
(4) of the single-family homes described by | ||
Subdivision (1), the number used as rental properties during the | ||
same year; | ||
(5) the city and county where each single-family home | ||
described by Subdivision (1) is located and the number of homes | ||
purchased in each city or county; and | ||
(6) the appraised value of each single-family home | ||
described by Subdivision (1). | ||
(c) In addition to the information required by Subsection | ||
(b), the center may compile additional information: | ||
(1) at the recommendation of the legislature; or | ||
(2) that the center determines is relevant based on | ||
market trends. | ||
(d) Not later than June 1 of each year, the center shall | ||
submit a report to the lieutenant governor, the speaker of the house | ||
of representatives, and each member of the legislature. The report | ||
must contain: | ||
(1) a summary of the information compiled under | ||
Subsection (b) for the preceding calendar year; and | ||
(2) an assessment of any trends or patterns relating | ||
to the relative number of purchases by institutional buyers, | ||
including whether the institutional buyers fall into any readily | ||
observable groups based on number of purchases or other appropriate | ||
criteria. | ||
(e) After completing the initial report under this section, | ||
the center may compile information from any calendar years | ||
preceding 2023 to create and submit reports for those years that | ||
include the information listed in Subsections (b) and (d). | ||
SECTION 2. As soon as practicable after the effective date | ||
of this Act, the Texas A&M University Texas Real Estate Research | ||
Center shall take any actions necessary to prepare to implement | ||
Section 86.531, Education Code, as added by this Act, and submit the | ||
initial report required under Section 86.531(d), Education Code, as | ||
added by this Act, not later than June 1, 2024. | ||
SECTION 3. This Act takes effect September 1, 2023. |