Bill > S3591

Introduced Session

This bill prohibits sanctioned foreign governments and certain foreign persons from acquiring, purchasing, or otherwise obtaining a legal, beneficial, or other interest in any protected land in the State on or after the bill's effective date, with limited exceptions, as described below. Under the bill, protected land includes certain parcels of land located within 10 miles of a military facility. The bill permits impacted foreign governments and foreign persons that already own or hold an interest in protected land in the State, on the bill's effective date, to continue to own or hold the interest in such land for a maximum of five years thereafter. Within five years after the bill's effective date, the foreign government or foreign person would be required to sell or otherwise convey the ownership of, or interest in, the protected land to an individual, trust, corporation, partnership, or other business entity. The bill provides the following exceptions to the general prohibition on the continued foreign ownership of protected land: 1) a foreign government or foreign person may acquire protected land, on or after the bill's effective date, through a process of law involving the collection of debt, the execution of a deed in lieu of foreclosure, the forfeiture of a contract for deed, or the imposition of a lien or claim on the land, whether by mortgage or otherwise, but such person or government would then be required to sell or convey the land, within two years after the transfer of title thereto, to an individual, trust, corporation, partnership, or other business entity that is not prohibited from owning protected land; and 2) the provisions of the bill would not be applicable to protected land acquired by devise or descent or pursuant to a bona fide encumbrance established on protected land taken for the purposes of security. Finally, the bill provides that any provision of the bill that is inconsistent with, or in violation of, any treaty between the United States and another country would not apply to any foreign government or foreign person residing in a country that is party to the treaty.

AI Summary

Committee Categories

Douglas Steinhardt (R)*,  Latham Tiver (R)*, 

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 09/19/2024)

Official Document