This bill establishes a prohibition against foreign governments from acquiring or owning real property or agricultural land in Iowa. It amends existing laws to clarify that, effective immediately, foreign governments, along with their agents, trustees, or fiduciaries, are not permitted to acquire real property or any interest therein through grant, purchase, devise, or descent. Additionally, any foreign government that currently owns such property must divest itself of all rights and interests within two years of the bill's effective date. The bill also aligns the divestment requirements for real property with those already in place for agricultural land, ensuring that any property acquired by foreign governments through devise or descent must be divested within specified timeframes.

The bill further modifies existing provisions regarding agricultural land, reinforcing that foreign governments are not allowed to own agricultural land, which was previously permitted under certain conditions. It includes stipulations for reporting violations, requiring county recorders to notify the attorney general if they find that a foreign government has acquired property in violation of the new regulations. The attorney general is then tasked with initiating legal action to address such violations, potentially leading to the escheatment of the property to the state. Overall, the bill aims to tighten restrictions on foreign ownership of land in Iowa, enhancing state control over real estate and agricultural resources.

Statutes affected:
Introduced: 9I.2, 9I.3, 9I.5, 9I.10