The proposed legislation amends Arkansas Code 18-11-101(a) to clarify that, with the exception of specific provisions outlined in the new section 18-11-110, all aliens are capable of acquiring and holding real property. The new section explicitly prohibits certain foreign individuals and entities from purchasing or acquiring title to real property in Arkansas. This includes governmental entities and companies from the People's Republic of China, Iran, North Korea, and Russia, as well as individuals who are citizens of these countries.

The bill outlines specific criteria for the prohibition, including companies that are headquartered in or controlled by the aforementioned countries, as well as entities owned by citizens of these nations. The restrictions apply to any purchase or acquisition of real property occurring on or after the effective date of the act. This legislation aims to safeguard Arkansas's real estate from foreign influence, particularly from nations deemed adversarial.

Statutes affected:
HB 1255: 18-11-101(a)