Perfected

Under the act, beginning August 28, 2023, no alien or foreign business shall acquire agricultural land in this state if the foreign-owned agricultural land exceeds .5% of the total agricultural acreage, instead of 1% as currently provided.

Sales and transfers of agricultural land by an alien or a foreign business shall be submitted to the Attorney General and the Secretary of State for review, instead of the Director of the Department of Agriculture. Such submissions must be done at least 30 calendar days before such sales are finalized. This act repeals the provision requiring such submissions only if there is no completed Internal Revenue Service Form W-9 signed by the purchaser.

Aliens and foreign businesses must submit transfers of agricultural land to the Attorney General and the Secretary of State, instead of the Department of Agriculture, to determine that such sales are in conformity with the current prohibition on foreign sales of agricultural land as described in the act. An alien or a foreign business that acquires agricultural land shall report the status of the usage of such agricultural land to the Attorney General and the Secretary of State as described in the act. All agricultural land acquired in violation of this act shall be subject to a court action and divestiture under current law.

The Attorney General and the Secretary of State, instead of the Department of Agriculture, shall establish requirements for such submissions and approvals.

This act does not apply to agricultural land used for research or experimental purposes as described in the act.

If the Attorney General, instead of the Director of the Department of Agriculture, finds that a foreign entity violated provisions of the act, the Attorney General shall institute a civil action as described in the act. This act repeals the provision that such violations must be reported to the Attorney General.

An entity, other than an individual or a government, as described in current law, is defined in regulations to be prescribed by the Secretary of State, instead of the Director of the Department of Agriculture.

This act repeals certain provisions relating to any interest held by a foreign person in agricultural land, other than a security interest as described in current law.

This act provides that the Secretary of State may promulgate all necessary rules for the administration of this act.

Under the act, any foreign person who acquires any interest in agricultural land, other than security interest, must submit a report to the Secretary of State and the Attorney General, instead of the Director of the Department of Agriculture, with certain requirements as described in current law. This act repeals the provision stating that the Director may promulgate rules regarding the form and content of such reports.

The Secretary of State, in consultation with the Attorney General, shall analyze the information obtained with respect to the acquisition of agricultural land by foreigners, instead of the Director as currently provided.

This act repeals certain provisions regarding time periods when the Director obtains information relating to acquisitions of agricultural land by foreigners.

JULIA SHEVELEVA