Bill > LB476

This bill amends the Foreign-owned Real Estate National Security Act to provide specific exemptions for certain property interests held by non-citizen individuals. The bill creates new provisions that protect property interests acquired by individuals who are legally authorized to work in the United States (under 8 C.F.R. 274a.12) or who no longer meet the definition of a "nonresident alien" after acquiring the property. Under these new exemptions, such property interests cannot be voided, invalidated, or subject to divestiture under the existing law, even if the property holder later becomes classified as a nonresident alien. The exemptions do not apply to restricted entities or their agents, trustees, or fiduciaries. The bill also modifies existing enforcement mechanisms, including investigation and potential legal actions by the Department of Agriculture and Attorney General, by adding a specific carve-out for these newly protected property interests. Additionally, the bill updates the citation of the Act to include the new section and repeals the original sections of the law, effectively replacing them with the new provisions that provide more protections for certain non-citizen property holders.