Bill > SB727

This bill amends Oklahoma state law to further restrict foreign ownership of land by expanding definitions and prohibitions on land acquisition by foreign entities. Specifically, the bill introduces new terms like "Country of Particular Concern" (CPC), defined as countries designated as hostile by the U.S. Secretary of State, and "foreign adversary company," which includes companies domiciled, incorporated, or principally controlled by governments of CPCs. The legislation prohibits aliens, non-U.S. citizens, foreign adversary companies, and foreign government adversaries from acquiring or owning land in Oklahoma, either directly or through business entities, trusts, or government enterprises. Landowners must now provide a notarized affidavit when recording property deeds, certifying compliance with these restrictions and confirming no funding sources violate state or federal laws. Certain exceptions exist, such as for entities engaged in interstate commerce or those with national security agreements. The bill includes some nuanced provisions, like exempting parent companies if they do not derive majority revenue from a CPC, and provides the Attorney General authority to establish additional exemptions. The new restrictions will become effective on November 1, 2025, giving entities time to adjust to the new requirements.

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http://www.oklegislature.gov/BillInfo.aspx?Bill=sb727&Session=2600