The bill aims to make technical corrections to Title 18 of the Arkansas Code concerning property. It specifically amends Arkansas Code 18-11-110(d) to clarify the criminal offense related to land ownership by prohibited foreign-party-controlled businesses. The amendment changes the language to state that a business entity that violates this section is guilty of an unclassified felony, punishable by up to two years' imprisonment or a fine of $15,000, or both.

Additionally, the bill reenacts sections 18-11-802(8)(B) and (C) to correct reference errors regarding the definitions of "significant interest" and "substantial control" in relation to foreign ownership of agricultural land. The new language clarifies the conditions under which interests held by parties acting in concert or in the aggregate are considered significant. The bill also includes a section that outlines the legislative intent, ensuring that the enactment does not repeal any acts passed during the regular session of the Ninety-Fifth General Assembly and emphasizes that the changes are technical rather than substantive.

Statutes affected:
HB 1358: 18-11-110(d)
Act 174: 18-11-110(d)