The proposed bill enacts R.S. 9:2717.1, which prohibits foreign adversaries or individuals connected with them from purchasing, leasing, or acquiring immovable property in Louisiana. It allows parties to rescind contracts if they discover that the other party is a foreign adversary before the transfer of property. The law will apply to contracts entered into after August 1, 2023, and does not affect existing contracts or renewals prior to that date. The bill also outlines the attorney general's authority to take legal action against such acquisitions, including seeking injunctive relief and civil forfeiture of the property.

Additionally, the bill provides definitions for "foreign adversary" and "person connected with a foreign adversary," and establishes exceptions for certain individuals and entities, such as American citizens and lawful permanent residents. It clarifies that no liability falls on real estate professionals for failing to identify a party as a foreign adversary. The bill also ensures that rights in immovable property are not voided due to prior ownership by a foreign adversary, and any proceeds from the sale of such properties will be considered civil asset forfeiture, with funds directed to support services for veterans of foreign wars.