The bill amends the Foreign-owned Real Estate National Security Act by introducing new definitions for terms such as "foreign corporation," "foreign government," and "restricted entity," while also specifying what constitutes "covered real estate." It requires purchasers of covered real estate to complete an affidavit confirming they are not affiliated with foreign adversaries, placing the responsibility for this determination solely on the purchaser. The bill outlines civil and criminal liabilities for violations, clarifying that such violations do not invalidate property titles.

Furthermore, the legislation enhances enforcement mechanisms by allowing the Department of Agriculture to investigate potential violations and empowering the Attorney General to issue subpoenas. It establishes a civil penalty of up to fifty thousand dollars for any person violating the act, rather than just restricted entities, and details the procedures for legal action against violators. The bill also clarifies the court's authority to declare real estate divested if acquired in violation of the act and includes a severability clause to maintain the validity of remaining sections if any part is found unconstitutional.

Statutes affected:
Introduced: 76-3702, 76-3703, 76-3704, 76-3708, 76-3709, 76-3710, 76-3712, 76-3715
Final Reading: 76-3702, 76-3703, 76-3704, 76-3708, 76-3709, 76-3710, 76-3712, 76-3715
Slip Law: 76-3702, 76-3703, 76-3704, 76-3708, 76-3709, 76-3710, 76-3712, 76-3715