Senate Bill No. 409, introduced by Senator Hodges and Representatives Amedee and Owen, seeks to enhance state security by prohibiting foreign adversaries and "prohibited foreign actors" from acquiring immovable property in Louisiana, effective August 1, 2023. The bill amends existing law by replacing the term "person connected with a foreign adversary" with "prohibited foreign actor," which encompasses both juridical and natural persons that meet specific criteria related to foreign adversaries. It establishes that any acquisition of immovable property by a prohibited foreign actor is subject to forfeiture, while also allowing parties to rescind contracts if they discover the other party's status as a foreign adversary or prohibited foreign actor.

The legislation also empowers the attorney general to investigate and take legal action against violations, including seeking injunctive relief and civil penalties. It introduces provisions for civil forfeiture and penalties for violations, extending existing penalties related to agricultural land to all immovable property. The bill includes exemptions for American citizens, lawful permanent residents, and certain entities with national security agreements, while clarifying that real estate professionals will not be held liable for failing to identify a party's status as a foreign adversary. Overall, the bill aims to restrict foreign influence in property transactions and ensure the integrity of property ownership in Louisiana.

Statutes affected:
SB226 Original: 9:1(A), 18:1362(A)(1), 18:1(L)
SB226 Engrossed: 9:1(A)