The proposed bill, if enacted, would amend current statutes by introducing a prohibition against foreign adversary nations or agents from acquiring a substantial interest (defined as 30% or more) in real property in Arizona. This new provision would be added as section 33-443 to title 33, chapter 4, article 3 of the Arizona Revised Statutes. The Attorney General would be tasked with enforcing this prohibition, and any enforcement actions must not be based on a person's race or national origin. Additionally, the bill outlines specific enforcement procedures, including the requirement for the Attorney General to report suspected violations to relevant law enforcement agencies and the Committee on Foreign Investments in the United States.

Furthermore, the bill establishes penalties for making false reports regarding violations of this prohibition, classifying such actions as a class 1 misdemeanor. It also provides for the divestment of property obtained in violation of the prohibition and details the distribution of proceeds from the sale of such property. The bill clarifies that it does not apply to acquisitions made before its effective date and includes definitions for terms such as "foreign adversary nation" and "foreign adversary agent." Overall, the bill aims to enhance state security by restricting foreign ownership of land deemed a risk to national security.

Statutes affected:
Introduced Version: 22-131
Senate Engrossed Version: 22-131
House Engrossed Version: 33-443
Chaptered Version: 33-443