House Bill No. by Representative Owen aims to establish new definitions related to the expropriation of property by private entities. The bill enacts R.S. 9:2717.1.1, which introduces the terms "foreign adversary" and "agent of a foreign adversary." A "foreign adversary" is defined as an individual or government recognized as such in 15 CFR 7.4(a) and listed in the U.S. Department of the Treasury's database. Meanwhile, an "agent of a foreign adversary" refers to a juridical person that a foreign adversary can direct or influence, either through ownership, contracts, or other means.

The proposed law further clarifies that any person or entity with the right to vote 50% or more of an entity's voting interests, or entitled to 50% or more of its profits, is presumed to have the power to direct the management or policies of that juridical person. This legislation seeks to provide clarity and regulation regarding the involvement of foreign adversaries in property expropriation by private entities, thereby enhancing oversight and accountability in such transactions.