Bill > HB537

This bill prohibits foreign adversaries or persons connected to foreign adversaries from purchasing, leasing, or acquiring immovable property in Louisiana after August 1, 2023. It allows parties to a contract to rescind the contract prior to the transfer of property if they determine the purchaser or lessee is a foreign adversary or connected person. The Attorney General can bring an action for injunctive relief to stop a property transfer or to recover the property if the transfer has already occurred. The court can order the property to be sold to someone who is not a foreign adversary or connected person, with the proceeds going to fund services for veterans of foreign wars. The bill provides some exceptions, such as for U.S. citizens, permanent legal residents, and businesses owned by qualifying persons.