Substitute House Bill No. 6735 seeks to restrict ownership, possession, or acquisition of real property near military installations or agricultural lands by foreign entities linked to "countries of concern," specifically China and Russia. The bill introduces definitions for key terms such as "foreign principal," "military installation," and "agricultural land," and explicitly prohibits foreign principals from owning or acquiring properties in these areas. It also requires buyers of such properties to sign an affidavit affirming they are not foreign principals and that their purchase complies with the bill's stipulations.

Additionally, the bill establishes a notification requirement for foreign principals intending to purchase property within a three-mile radius of military installations, mandating they inform the Adjutant General at least 30 days prior to the purchase. The Adjutant General will evaluate the potential purchase for public safety and security concerns. If a purchase is deemed to violate the bill, the Attorney General is empowered to initiate civil forfeiture proceedings, and any interests acquired in violation of the law may be forfeited, allowing the state to take title to those properties. The effective date for this legislation is set for October 1, 2025.