Under existing law that prohibits a foreign principal from acquiring certain interests in certain agricultural and forest property or other real property in the state, the term "foreign principal" is defined as a government, government official, political party, or member of a political party of certain specified countries, or any country or government identified on any sanctions list of the U.S. Department of the Treasury's Office of Foreign Assets Control. This bill would expand the definition of "foreign principal" to include an individual or company identified on any sanctions list of the United State Department of the Treasury's Office of Foreign Assets Control. This bill would specify that the terms "agricultural and forest property" and "real property" mean agricultural and forest property and real property in the state. This bill would expand the existing law that prohibits a foreign principal from acquiring certain ownership interests in agricultural and forest property and real property to also prohibit a foreign principal from acquiring a leasehold interest in any of these properties in the state.

Statutes affected:
Introduced: 35-1-1, 35-1-1