Certain foreign governments or entities shall not purchase, hold or acquire title to real property in this state if such foreign government or entity is listed as a foreign adversary or a foreign business entity; headquartered in a country that is a foreign adversary; directly or indirectly held or controlled by a foreign adversary; owned the majority of stock or other ownership interest which is held or controlled by citizens of a foreign adversary; or controlled by or has the majority of stock or other ownership interest held or controlled by citizens of a foreign adversary.
This act shall not apply to a foreign adversary possessing real property interest if such foreign adversary is a duly registered business in good standing with the Secretary of State for seven years or longer prior to August 28, 2024; has been approved by the United States Committee of Foreign Investment as described in the act; and maintains an active national security agreement with the federal government.
This act is substantially similar to SB 649 (2023).
JULIA SHEVELEVA