This bill amends Section 55-103 of the Idaho Code to establish new restrictions on property ownership by foreign entities in the state. Specifically, it prohibits foreign governments and foreign state-controlled enterprises from purchasing or holding any controlling interest in agricultural land, forest land, water rights, mining claims, or mineral rights in Idaho. However, this prohibition does not apply to interests acquired prior to the effective date of the law or to foreign pension funds. The bill also provides definitions for key terms such as "agricultural land," "controlling interest," "foreign government," and "state-controlled enterprise."

Additionally, the bill empowers the attorney general to investigate and enforce these prohibitions. Upon receiving a complaint, the attorney general can petition the district court to address violations, which may include appointing a receiver to sell the property in question. The bill outlines the process for handling proceeds from such sales and clarifies that no title to land will be invalidated due to violations by previous owners. It also ensures that individuals or entities not classified as foreign governments or state-controlled enterprises will not face civil or criminal liability for failing to ascertain the status of property owners. The act is set to take effect on July 1, 2025.

Statutes affected:
Bill Text: 55-103
Engrossment 1: 55-103