A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 27-1-80 SO AS TO PROVIDE THAT CERTAIN COMPANIES OWNED, IN WHOLE OR IN PART, BY ANY UNITED STATES-DECLARED FOREIGN ADVERSARY MAY NOT OWN, LEASE, POSSESS, OR EXERCISE ANY CONTROL OVER ANY REAL ESTATE IN THIS STATE AND TO PROVIDE THAT FRAUDULENT TRANSACTIONS ARE VOID.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Chapter 1, Title 27 of the S.C. Code is amended by adding:

 

    Section 27-1-80. (A) Any company or development owned or controlled by a company that is owned, in whole or in part, by, or is a subsidiary of, a company that is owned by any United States-declared foreign adversary including, but not limited to, the People's Republic of China, the Chinese Communist Party, the Russian Federation, Iran, or North Korea, or whose principal place of business is located within a foreign adversary may not own, lease, possess, or exercise any control over any real estate in this State.

    (B) Any acquisition of any interest in real estate in violation of this section is void, and title to such interest in real estate is considered to be vested as of the date of such purported acquisition in the name of this State without any payment of consideration of any kind by this State. The foreign adversary purporting to acquire such interest in real estate is barred from making a claim against any party for restitution of the purchase price paid by such foreign adversary in connection with the interest in real estate or for any other kind of payment relating to the foreign adversary's loss or lack of title to the interest in real estate. Any lien that has attached to the interest in real estate during the foreign adversary's purported acquisition or ownership remains a valid lien against the interest during such time as the interest is held by this State except that the lien may not be subject to foreclosure during the period of this State's ownership, nor may this State be subject to the terms of any agreement giving rise to the lien. This State may hold or dispose of such interest in real estate in any proper manner.

    (C) Notwithstanding the provisions in subsection (B), if the foreign adversary has subsequently sold or transferred the interest in real estate to a person or entity that is not a foreign adversary, title to such interest in real estate is vested in the subsequent non-foreign adversary purchaser or transferee and is valid as if the purported acquisition of such interest in real estate by a foreign adversary has not occurred.

    (D)(1) If an interest in real estate has been acquired in violation of this section, a county, city, or town attorney for the locality in which the real estate is located, the Attorney General, or any non-foreign adversary person that was a party to the void transaction or is a subsequent holder of such interest may file an action:

       (a) to eject the foreign adversary from possession;

       (b) to quiet title to such property; or

       (c) for any other appropriate action to ratify the nullification of the transaction.

    (2) Any action brought pursuant to this subsection shall be filed in the circuit court where the subject property is located.

    (E) This section may not be applied in a manner inconsistent with any provision of any treaty between the United States and another country.

    (F) For purposes of this section:

       (1) "Chinese Communist Party" includes all agencies, institutions, and instrumentalities of the Chinese Communist Party.

       (2) "Company" or "development" means a sole proprietorship, organization, association, corporation, partnership, trust, venture, group, subgroup, or any other entity or organization, its subsidiary or affiliate that exists for profit making purposes or to otherwise secure economic advantage.

       (3) "Iran" includes all agencies, institutions, instrumentalities, and political subdivisions of Iran.

       (4) "North Korea" includes all agencies, institutions, instrumentalities, and political subdivisions of North Korea.

       (5) "People's Republic of China" includes all agencies, institutions, instrumentalities, and political subdivisions of the People's Republic of China.

       (6) "Russian Federation" includes all agencies, institutions, instrumentalities, and political subdivisions of Russia.

 

SECTION 2.  This act takes effect upon approval by the Governor and first applies after 2025.

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