The bill prohibits, on or after January 1, 2024, a nonresident foreign citizen, foreign entity, or foreign government of the People's Republic of China, the Russian Federation, or any country determined by the United States secretary of state to be a state sponsor of terrorism (covered foreign person) from acquiring a controlling ownership share in agricultural land, mineral rights, or water rights (property interest) in the state (prohibition). A covered foreign person who acquires a controlling ownership share in a property interest in the state prior to January 1, 2024, may continue to own the property interest but may not acquire a controlling ownership share in any additional property interests in the state.
No later than March 1, 2024, or 60 days after acquiring any ownership in a property interest in the state, whichever is later, a covered foreign person must register with the secretary of state (registration requirement). The secretary of state is authorized to promulgate rules to implement the registration requirement.
If the attorney general has reason to believe that a covered foreign person has violated the prohibition or has not complied with the registration requirement, the attorney general must commence a civil action against the covered foreign person in a district court. If a district court finds that the covered foreign person has violated the prohibition, the district court must issue a judgment reverting the property interest to the state. If the district court finds that the covered person has not complied with the registration requirement, the district court must impose a penalty of no more than $2,000 for each violation.
(Note: This summary applies to this bill as introduced.)