HB 1849 aims to restrict the purchase or acquisition of real property in Texas by certain foreign individuals or entities associated with countries designated as a threat to state interests, including China, Iran, North Korea, and Russia, or other countries as determined by the governor. It exempts U.S. citizens, lawful permanent residents, and entities controlled by them from these restrictions. The bill establishes penalties for violations, including state jail felonies for individuals and substantial fines for companies. It authorizes the attorney general to investigate violations and take legal action, with divestment and sale of properties acquired unlawfully being potential outcomes. The proceeds from such sales would be used to satisfy liens, pay fines, and fund the state’s general revenue. The bill also requires the attorney general to establish rules for enforcement and specifies its applicability to property transactions occurring after September 1, 2025.