Bill > SB2233

This bill amends Tennessee law concerning restrictions on land purchases by foreign entities, specifically targeting "sanctioned aliens" or "foreign entities" that are deemed a risk to national security. It modifies the definition of what constitutes a "prohibited foreign-party-controlled business" by lowering the threshold for a controlling or significant interest from thirty-three percent (33%) or more to ten percent (10%) or more, and in some cases, from fifty percent (50%) or more to thirty-three percent (33%) or more. The bill also clarifies that certain rights, such as those to oil, gas, minerals, and water, are included in land ownership. Furthermore, it expands the scope of regulations to include entities designated by the U.S. Department of Commerce, in addition to those already covered by international traffic in arms regulations. The bill also introduces new timelines for divestment of land if a party becomes prohibited or a business becomes foreign-party-controlled, and outlines exceptions for entities registered with the Secretary of State and approved by the Committee on Foreign Investment in the United States (CFIUS) or having had prior national security determinations, provided there hasn't been a subsequent change in control.