This bill amends the Revised Statutes Cumulative Supplement, 2024, to strengthen regulations on foreign ownership of real estate in Nebraska. It requires purchasers of covered real estate to submit an affidavit confirming they are not affiliated with foreign adversaries, as defined by federal regulations. The bill introduces new definitions for "foreign government" and "restricted entity," clarifying the responsibilities of purchasers regarding these affidavits. Violations of these provisions may result in civil penalties and divestment of real estate interests. Additionally, it prohibits certain entities, including restricted entities and their agents, from acquiring or holding real estate without meeting specific national security requirements, while granting investigative powers to the Department of Agriculture and the Attorney General.

Furthermore, the bill revises the Foreign-owned Real Estate National Security Act to clarify divestment procedures, replacing the term "entity" with "person" to broaden the scope of individuals involved. It mandates that the Attorney General or outside counsel notify the Governor and Legislature promptly when a court orders divestment, ensuring key stakeholders are informed. The bill outlines the court's responsibilities in determining divestment eligibility, requiring the state to prove its case by clear and convincing evidence. It also details the management of divestment proceeds and clarifies that individuals are not liable for failing to determine another person's compliance with the act. Lastly, it includes a provision ensuring the validity of remaining sections if any part of the act is deemed unconstitutional.

Statutes affected:
Introduced: 76-3702, 76-3703, 76-3704, 76-3708, 76-3709, 76-3710, 76-3712, 76-3715