The bill amends existing laws regarding the ownership and possession of real property in Arkansas, specifically addressing the capacity of aliens to acquire land. It stipulates that, with certain exceptions outlined in sections 18-11-110 and 18-11-701 et seq., all aliens are capable of taking and holding land in fee simple. Additionally, the bill introduces a new section that prohibits foreign-party-controlled businesses from acquiring any interest in public or private land in the state. It establishes definitions for terms such as "prohibited foreign-party-controlled business" and "controlling interest," and outlines the legal consequences for violations, including the requirement for such entities to divest their holdings within two years or face judicial foreclosure.

Furthermore, the bill creates a new subchapter focused on foreign ownership of agricultural land, detailing restrictions on prohibited foreign parties acquiring agricultural land in Arkansas. It allows resident aliens to acquire agricultural land under the same terms as U.S. citizens but mandates divestiture if their status changes. The bill also establishes the Office of Agricultural Intelligence within the Department of Agriculture to monitor and enforce these regulations, ensuring compliance and reporting violations to the Attorney General. Violations of these provisions can result in felony charges, fines, or imprisonment.

Statutes affected:
Old version SB383 Original - 3-8-2023 09:30 AM: 18-11-101(a)
Old version SB383 V2 - 3-15-2023 03:20 PM: 18-11-101(a)
Old version SB383 V3 - 3-30-2023 10:38 AM: 18-11-101(a)
SB 383: 18-11-101(a)
Act 636: 18-11-101(a)