This bill amends Section 55-103 of the Idaho Code to establish new restrictions on property ownership, specifically targeting foreign governments and state-controlled enterprises. Under the revised law, these entities are prohibited from purchasing or holding any controlling interest in agricultural land, forest land, water rights, mining claims, or mineral rights within 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," and "foreign government."

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. The act is set to take effect on July 1, 2025, and includes various provisions to ensure compliance and protect the interests of bona fide mortgage holders and lienholders.

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