The bill amends existing laws regarding the ownership and possession of real property in Arkansas, particularly focusing on the capacity of aliens to acquire land and the definition of agricultural land. It specifies that, with certain exceptions, aliens are capable of taking and transferring lands in fee simple. The definition of "agricultural land" is expanded to include land used for forestry production and clarifies the conditions under which land is considered agricultural, including specific thresholds for income from agricultural activities. Additionally, the bill introduces a grace period for foreign parties who acquired agricultural land before August 1, 2023, allowing them until December 31, 2023, to register their ownership.

Furthermore, the bill establishes restrictions on land ownership by "prohibited foreign parties," which include certain foreign entities and individuals. It prohibits these parties from acquiring interests in public or private land and mandates that any such interests must be divested within two years. The bill also creates the Office of Agricultural Intelligence within the Department of Agriculture to oversee compliance with these regulations, collect information on violations, and report them to the Attorney General. Violations of these provisions can result in significant penalties, including fines and imprisonment.

Statutes affected:
SB 340: 18-11-101(a), 2-3-102(1), 2-3-102(3), 2-3-102, 2-3-103(a)