Bill > HB1788

This bill, known as the "Sen. Frank Niceley National Security and Economic Protection Act," amends Tennessee law to restrict foreign ownership of non-agricultural land within the state. It prohibits "prohibited foreign-party-controlled businesses" (entities where a foreign government or individual has significant control) and "prohibited foreign parties" (individuals or entities from certain foreign countries) from acquiring or holding interests in non-agricultural land. If such an acquisition occurs, the violating party has two years to sell the land; failure to do so can result in legal action by the attorney general. Violations are classified as a Class A misdemeanor, punishable by fines and/or jail time. Furthermore, any prohibited foreign-controlled business or foreign party holding non-agricultural land after January 1, 2025, must register their ownership with the Secretary of State, providing detailed information about the entity, its owners, and its business purposes, with specific deadlines for registration. The bill also clarifies the definition of a "qualified alien" for the purposes of these provisions, excluding them from the restrictions.