Bill > HB1555

This bill introduces two main provisions related to reporting and ownership requirements for foreign entities in North Dakota. First, it amends existing law regarding agricultural land ownership by foreign persons, requiring them to file a copy of their federal agricultural investment report with the state agriculture commissioner by a specified deadline. The bill mandates that the commissioner provide an annual report to the legislative management detailing the number of foreign ownership filings and acres owned in each county. Additionally, the bill establishes a penalty of up to 25% of the fair market value for failure to file these reports, which would be collected by the attorney general through district court action. Second, the bill creates a new reporting requirement for organizations registering with the secretary of state, mandating that they disclose whether they are a "foreign organization of concern" - defined as an organization domiciled in a country identified as a foreign adversary or on a sanctions list. If an organization falsifies its ownership statement, the secretary of state must forward the filing to the attorney general, who may prosecute the case. Violations of this new reporting requirement can result in a class B misdemeanor. These provisions aim to increase transparency and oversight of foreign investment and organizational ownership in North Dakota.