Substitute House Bill No. 6735 seeks to restrict ownership, possession, or acquisition of real property near military installations and agricultural lands by foreign entities linked to "countries of concern," specifically the People's Republic of China and the Russian Federation. The bill introduces definitions for terms such as "foreign principal," "military installation," and "agricultural land," and explicitly prohibits foreign principals from owning or acquiring such properties. Additionally, prospective buyers within a three-mile radius of military installations are required to notify the Adjutant General of their intent to purchase, allowing for a review of public safety and security concerns.

To enforce these restrictions, the bill mandates that buyers adjacent to military installations or agricultural lands sign an affidavit confirming they are not foreign principals and that their purchase complies with the law. It also establishes a civil forfeiture process for properties acquired in violation of these provisions, enabling the Attorney General to take legal action to seize such properties if they pose a threat to the state. The bill does not impose any fiscal burden on the state or municipalities, as the Office of the Attorney General can manage enforcement with existing resources. The effective date for the bill is set for October 1, 2025.