Bill > HB68

This bill amends Alabama's Property Protection Act to expand restrictions on property acquisitions by foreign entities, specifically adding leasehold interests to the existing prohibitions. The bill defines "foreign principal" to include governments, political parties, and individuals from countries of concern (China, Iran, North Korea, and Russia), as well as entities on U.S. Treasury sanctions lists. It prohibits these foreign principals from acquiring title, controlling interest, or leasehold interests in agricultural and forest properties, as well as real property within 10 miles of military installations or critical infrastructure facilities. The legislation introduces specific implementation timelines: the prohibitions on title and controlling interest acquisitions take effect from August 1, 2023, while leasehold interest restrictions will be enforced from August 1, 2025. The bill also clarifies that property acquisitions made before these dates will be governed by previous laws. Additionally, the bill provides protection for title insurers, real estate agents, and settlement providers from liability for violations of these restrictions. The overall purpose is to limit foreign ownership and control of sensitive property in Alabama, with a particular focus on strategic and agricultural lands.

Transportation and Infrastructure

https://alison.legislature.state.al.us/bill-search