Bill Text: NY A05301 | 2023-2024 | General Assembly | Introduced

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Bill Title: Prohibits the acquisition of real property by foreign countries and entities of particular concern as well as citizens, companies, entities, and members of such countries and entities.

Spectrum: Partisan Bill (Republican 18-0)

Status: (Introduced) 2024-01-03 - referred to judiciary [A05301 Detail]

Download: New_York-2023-A05301-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5301

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                      March 7, 2023
                                       ___________

        Introduced  by  M.  of A. SLATER, GANDOLFO, E. BROWN, BRABENEC, BENDETT,
          LEMONDES, TAGUE, MAHER,  DURSO,  GRAY,  BEEPHAN,  MIKULIN,  DeSTEFANO,
          MANKTELOW -- read once and referred to the Committee on Judiciary

        AN  ACT  to  amend the real property law, in relation to prohibiting the
          acquisition of real property by  foreign  countries  and  entities  of
          particular concern

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 10 of the real property law, as amended by  chapter
     2  272  of the laws of 1944, subdivision 2 as amended by chapter 669 of the
     3  laws of 2022, and subdivision 3 as added by chapter 740 of the  laws  of
     4  1954, is amended to read as follows:
     5    §  10.  Capacity  to  hold  real  property. 1. A citizen of the United
     6  States is capable of holding real property within  this  state,  and  of
     7  taking the same by descent, devise or purchase.
     8    2.  Noncitizens, other than those prohibited under subdivision four of
     9  this section, are empowered to take, hold, transmit, and dispose of real
    10  property within this state in the same manner  as  native-born  citizens
    11  and their heirs and devisees take in the same manner as citizens.
    12    3.  For the purpose of maintaining offices and places of residence for
    13  its ambassadors and consular officers and for its representatives at the
    14  United Nations, a foreign government, other than those prohibited  under
    15  subdivision  four  of  this  section, is empowered to hold, transmit and
    16  dispose of real property within this state. Title to such  property  may
    17  be  taken either in the name of the foreign government or in the name of
    18  its ambassador or consul or in the name of its minister  to  the  United
    19  Nations.  If  a  conveyance of real property is made to an ambassador or
    20  consul or minister of a foreign government as such, or  contains  appro-
    21  priate  words  showing  the intention to vest the title in the holder of
    22  the office rather than in the named individual, the title  to  the  real
    23  property  shall pass from time to time without any further conveyance to

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08872-01-3
        A. 5301                             2

     1  the respective successors in such office, who shall have full  power  to
     2  dispose of such property.
     3    4.  On  and after the effective date of the chapter of the laws of two
     4  thousand twenty-three that amended this section, the following  nonciti-
     5  zens,  foreign  governments,  and  foreign  entities shall not take real
     6  property within this state and shall only transfer or  dispose  of  real
     7  property  within  this state to a person or entity eligible to take such
     8  real property under this section:
     9    (a)  a governmental entity of a foreign country of particular  concern
    10  or  an  entity of particular concern, as identified by the United States
    11  department of state;
    12    (b)  a company or other entity that is owned by  or  the  majority  of
    13  stock  or  other  ownership interest of which is held or controlled by a
    14  company or entity that is:
    15    (i)  headquartered in any foreign country of  particular  concern,  as
    16  identified by the United States department of state;
    17    (ii)    directly or indirectly held or controlled by the government of
    18  any foreign country  of  particular  concern  or  entity  of  particular
    19  concern, as identified by the United States department of state; or
    20    (iii)    owned by or the majority of stock or other ownership interest
    21  of which is held or controlled by individuals who are  citizens  of  any
    22  foreign country of particular concern or members of an entity of partic-
    23  ular concern, as identified by the United States department of state; or
    24    (c)   an individual who is a citizen of any foreign country of partic-
    25  ular concern or is a member of an entity of particular concern, as iden-
    26  tified by the United States department of state.
    27    § 2. If any clause, sentence, paragraph, section or part of  this  act
    28  shall  be  adjudged by any court of competent jurisdiction to be invalid
    29  and after exhaustion of all further judicial review, the judgment  shall
    30  not  affect,  impair  or  invalidate the remainder thereof, but shall be
    31  confined in its operation to the clause, sentence, paragraph, section or
    32  part of this act directly involved in the controversy in which the judg-
    33  ment shall have been rendered.
    34    § 3.  This act shall take effect immediately.