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TX HB1057
TX HB1057Relating to restrictions on the purchase of a single-family home by an investment firm.
summary
Introduced
12/20/2022
12/20/2022
In Committee
03/02/2023
03/02/2023
Crossed Over
Passed
Dead
05/29/2023
05/29/2023
Introduced Session
88th Legislature Regular Session
Bill Summary
Relating to restrictions on the purchase of a single-family home by an investment firm.
AI Summary
This bill amends the Texas Property Code to prohibit investment firms from entering into a contract to purchase a single-family home that is listed for sale within the first 30 days of the listing. It defines an "investment firm" as a corporation or trust that invests pooled capital from investors in financial securities. The bill makes any contract entered into in violation of this provision voidable by the seller before the contract is fully executed. The provisions of the bill only apply to contracts entered into on or after September 1, 2023, when the bill takes effect.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Referred to Business & Industry (on 03/02/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://capitol.texas.gov/BillLookup/History.aspx?LegSess=88R&Bill=HB1057 |
| BillText | https://capitol.texas.gov/tlodocs/88R/billtext/html/HB01057I.htm |
| Bill | https://capitol.texas.gov/tlodocs/88R/billtext/pdf/HB01057I.pdf |
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