The bill amends the existing law regarding real estate ownership by foreign principals, specifically prohibiting them from owning or acquiring any interest in real property located within 20 miles of military installations or key facilities in Michigan. Exceptions are made for diplomatic purposes recognized by the U.S. government and for entities with national security agreements that allow limited acquisition of agricultural land for research and development. Additionally, foreign principals who already own property in these areas must register with the Secretary of State by July 1, 2025, or face civil penalties.

Furthermore, the bill establishes a requirement for buyers of real property within the specified proximity to file an affidavit confirming they are not foreign principals. It outlines the consequences for violations, including potential misdemeanor charges and civil infractions, and clarifies that the failure to obtain the affidavit does not affect property title or the liability of closing agents. The bill also defines key terms such as "foreign country of concern," "military installation," and "real property" to ensure clarity in enforcement.

Statutes affected:
Substitute (H-1): 554.131, 554.139
Substitute (H-3): 554.131, 554.139
House Introduced Bill: 554.135, 554.136
As Passed by the House: 554.131, 554.139