Bill > SB2424

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. Specifically, it prohibits "prohibited foreign-party-controlled businesses" (entities where a foreign government or individual has significant control) and "prohibited foreign parties" (foreign governments or individuals designated as such) from acquiring or holding interests in non-agricultural land. Such entities found in violation must divest their holdings within two years, or face legal action. Furthermore, these entities must register their land interests with the Secretary of State, providing detailed information about their ownership and business operations, with specific deadlines for registration depending on whether they are a business or an individual. The bill also clarifies the definition of a "qualified alien" for the purposes of these regulations, and violations can result in criminal penalties, including fines and imprisonment, or civil penalties for failure to register.