Bill > LB7

This bill amends the Foreign-owned Real Estate National Security Act to update and clarify provisions related to real estate ownership and transactions involving foreign entities, nonresident aliens, and restricted entities. The bill refines definitions of key terms like "foreign corporation," "foreign government," and "restricted entity," and establishes more specific guidelines for how such entities can purchase, own, or lease real estate in Nebraska. It requires purchasers of covered real estate to submit an affidavit confirming they are not affiliated with foreign adversaries, and imposes stricter regulations on restricted entities' ability to acquire real estate, particularly for purposes like oil and gas leases, railroad operations, public utilities, and manufacturing establishments. The bill provides a detailed enforcement mechanism that allows the Department of Agriculture and Attorney General to investigate potential violations, with the ability to issue subpoenas and require voluntary divestment of real estate interests. If voluntary divestment does not occur, the bill outlines a legal process for court-ordered divestment, including provisions for managing proceeds from such sales. The legislation aims to enhance national security by adding more robust screening and limitations on foreign real estate transactions, while also providing a clear framework for compliance and potential penalties.

Agriculture and Natural Resources

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=58785