KY SB284 | 2024 | Regular Session

Status

Spectrum: Partisan Bill (Republican 3-0)
Status: Introduced on February 26 2024 - 25% progression, died in committee
Action: 2024-02-28 - to Agriculture (S)
Pending: Senate Agriculture Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Create new sections of KRS Chapter 381 to define terms; prohibit a foreign principal from acquiring or owning agricultural land; require a foreign principal that owns or acquires agricultural land before the effective date of this Act to register the ownership with the Department of Agriculture; require a purchaser of agricultural land to file an affidavit with the Department of Agriculture attesting that the purchaser is not a foreign principal; authorize the Department of Agriculture to promulgate regulations; prohibit a foreign principal from acquiring or owning real property on or within 10 miles of a military installation; require a foreign principal that owns or acquires real property on or within 10 miles of a military installation before the effective date of this Act, or that owns real property as authorized to register the ownership with the Cabinet for Economic Development; require a purchaser of real property located on or within 10 miles of a military installation to file an affidavit with the Cabinet for Economic Development attesting that the purchaser is not a foreign principal; authorize the Cabinet for Economic Development to promulgate regulations; authorize the Kentucky Real Estate Commission to establish regulations related to the affidavits required under this Act; establish procedures for the forfeiture of real property owned or acquired in violation of this Act; establish penalties for violations; amend KRS 381.320 to conform.

Tracking Information

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Title

AN ACT relating to the acquisition and ownership of real property by a foreign principal.

Sponsors


History

DateChamberAction
2024-02-28Senateto Agriculture (S)
2024-02-26Senateto Committee on Committees (S)
2024-02-26Senateintroduced in Senate

Subjects


Kentucky State Sources


Bill Comments

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