This bill amends Section 55-103 of the Idaho Code to clarify property ownership regulations, particularly concerning foreign entities. It establishes that while any person, citizen or alien, may own property, foreign governments and state-controlled enterprises are prohibited from purchasing or holding controlling interests in agricultural land, forest land, water rights, mining claims, or mineral rights in Idaho. This prohibition does not apply to interests acquired prior to the effective date of the law or to foreign pension funds.

Additionally, the bill empowers the attorney general to investigate and enforce these prohibitions. It allows for legal action against any violations, including the appointment of a receiver to sell the property in question. The bill also includes provisions to protect the validity of titles and interests in property, ensuring that violations by foreign entities do not invalidate existing mortgages or liens. The act is set to take effect on July 1, 2025, and declares an emergency to expedite its implementation.

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