Bill > HB3840

This bill, known as the "Foreign Adversary & State-Owned Enterprise Land Ownership Enforcement Act," aims to restrict land ownership in Oklahoma by certain foreign entities. It prohibits "foreign government adversaries" (governments designated as hostile by the U.S. Secretary of State) and "state-owned enterprises" (SOEs), which are businesses controlled by such foreign governments, from acquiring or holding land in the state. The act also creates buffer zones, preventing these entities from owning land within ten miles of military installations or critical infrastructure sites, defined as essential facilities like power plants and pipelines. To enforce these restrictions, the bill requires a detailed affidavit to be attached to any land conveyance, listing all beneficial owners (individuals or entities with significant ownership or control), identifying all funding sources for the purchase, and certifying compliance with the law. County clerks must record these affidavits, and failure to do so can trigger enforcement actions. The bill also mandates that any prohibited acquisition, even if by inheritance or foreclosure, must be divested within two years, with exceptions for those who unknowingly acquire an interest and promptly divest after notification. The Attorney General is empowered to investigate violations, seek court orders for divestiture, and impose significant civil penalties, which can be up to $250,000 per transaction or $10,000 per acre, and criminal penalties for knowingly filing false affidavits. The act includes some exceptions for bona fide residents, federally preempted transactions, and certain business entities engaged in regulated interstate commerce or with national security agreements, though enhanced disclosure requirements may still apply. Finally, the bill specifies an effective date of November 1, 2026, and states that any invalid provisions will be severable.

Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3840&Session=2600