This bill amends several sections of the North Dakota Century Code to address the involvement of foreign countries and organizations of concern in real property ownership and development within the state. It prohibits boards of county and city commissioners from entering into development agreements with foreign adversaries or organizations of concern. The bill also establishes criteria under which a foreign organization of concern may possess an interest in real property, including being a duly registered business in good standing for at least seven years, having approval from the Committee on Foreign Investment in the United States, and maintaining an active national security agreement with the federal government.

Additionally, the bill introduces new reporting requirements for foreign persons investing in agricultural lands, mandating that they file reports with the agriculture commissioner and providing for an annual report to the legislative management. A civil penalty of up to twenty-five percent of the fair market value of the ownership interest may be imposed for failure to file the required reports. The bill also repeals a previous section related to these filings and includes a contingent effective date for the repeal, which will take effect upon certification that the Agricultural Foreign Investment Disclosure Act of 1978 has been repealed.

Statutes affected:
INTRODUCED: 11-11-70, 40-05-26, 47-01-09, 47-10.1-05