Bill > HB2547

This bill amends Tennessee law regarding restrictions on land purchases by certain foreign entities and individuals. It removes a specific exclusion from the law concerning land purchases, clarifies that certain rights like oil, gas, minerals, and water are included in land ownership, and expands the definition of "prohibited foreign-party-controlled business" to include entities where a prohibited foreign party holds a "significant interest" or exercises "substantial control," not just a controlling interest. The bill also lowers the threshold for what constitutes a significant interest from thirty-three percent (33%) or more to ten percent (10%) or more, and in one instance, from fifty percent (50%) or more to thirty-three percent (33%) or more. Additionally, it updates references to federal regulations concerning international traffic in arms and adds provisions for when prohibited foreign parties or businesses must divest their land interests, generally within 60 days of certain designations or acquisitions, and outlines exceptions for those registered with the state and approved by the Committee on Foreign Investment in the United States (CFIUS) or having had national security concerns resolved.