- 2024, Property
Restricts certain foreign investments and ownership in land located within this state.
HB 2553 / SB 2639
Bill Description
Bill Sponsors
Rep. Jay Reedy
Sen. Frank Niceley
Bill Co-Sponsors
House: Hulsey, Sherrell, Lynn, Howell, Gant, McCalmon, Russell, Zachary, Travis, Burkhart, Marsh, Sparks, Wright, Fritts, Hurt, Capley, Vital, Rudd, White, Raper, Grills, Martin G, Hazlewood, Davis, Bulso, Richey, Terry, Moody, Littleton, Alexander, Cochran, Hardaway, Helton-Haynes, Todd, Cepicky, Keisling, Lafferty, Ragan, Rudder, Kumar
Senate: Stevens, Yager, Walley, Crowe, Jackson, Lowe, Lundberg, Pody, Powers, Roberts, Rose
TLRC Statement on Bill
This bill permits aliens to acquire and manage real estate but restricts ownership for individuals, entities, or governments from countries under U.S. sanctions.
It specifically bans real property acquisition by sanctioned nonresident aliens, foreign businesses with majority ownership by such aliens, and foreign governments on the sanctions list.
Exceptions include property acquired through inheritance, legal proceedings, or for securing debts, which must be divested within two years if acquired contrary to the bill’s restrictions. The bill also mandates the divestiture of property acquired by entities controlled by prohibited foreign parties and introduces penalties for non-compliance, including fines and misdemeanor charges.
Additionally, it sets forth regulations concerning the ownership of agricultural land by foreign parties, requiring divestment for non-resident aliens and entities under certain conditions, with the attorney general empowered to enforce these provisions.
