Summary of Original Version

Create a new section of KRS Chapter 247 to define terms; prohibit a nonresident alien, foreign business, foreign agent, trustee, or fiduciary associated with the government of any proscribed country referenced in 22 C.F.R. sec. 126.1 from the purchase, lease, or acquisition of agricultural land in Kentucky or participation in programs administered by the Department of Agriculture, Agricultural Development Board, and Kentucky Agricultural Finance Corporation; allow a nonresident alien, foreign business, foreign agent, trustee, or fiduciary to own, purchase, hold, or develop agricultural land for nonagricultural use provided that the development is completed within five years of acquiring the land; require that a copy of the report required under the provisions of the Agricultural Foreign Investment Disclosure Act be filed with the Department of Agriculture; require the Department of Agriculture to report evidence of noncompliance to the Office of the Attorney General; require the Office of the Attorney General to investigate the evidence; allow the Office of the Attorney General to enforce provisions; require that agricultural land found in violation be escheated to the state and be subject to judicial foreclosure; set requirements for disbursement of proceeds of the sale.

Summary of Amendment: Senate Committee Substitute 1

Summary Retain original provisions; allow any entity that has a national security agreement with the Committee on Foreign Investment in the United States to purchase, lease or acquire up to 350 acres for agricultural research or experimental purposes.

Summary of Amendment: Senate Floor Amendment 1 -- J. Howell

Summary Retain original provisions; require that the Office of the Attorney General be reimbursed for judicial foreclosure filing fees prior to the disbursement of the agricultural land sale proceeds.

Summary of Amendment: Senate Floor Amendment 2 -- J. Howell

Summary Retain original provisions; allow an existing foreign-owned business to purchase adjacent agricultural land to expand the operations of the business.

Summary of Amendment: Senate Floor Amendment 3 -- J. Howell

Summary Retain original provisions; allow an existing foreign-owned business to purchase adjacent agricultural land to expand the operations of the business; allow the Office of the Attorney General to recover reasonable costs of litigation.