This bill amends the Foreign-owned Real Estate National Security Act to enhance national security measures regarding foreign ownership of real estate. Key updates include the introduction of new definitions for terms such as "foreign corporation," "foreign government," and "restricted entity," as well as a clear definition of "covered real estate." It mandates that purchasers of covered real estate must complete an affidavit confirming they are not affiliated with foreign adversaries, placing the responsibility for this determination solely on the purchaser. The bill also outlines civil and criminal penalties for violations, clarifying that such violations do not invalidate property titles.

Additionally, the bill redefines the parties subject to civil penalties, stating that any person who violates the act will face a civil penalty of up to fifty thousand dollars per parcel of real estate involved. It empowers the Attorney General to investigate violations, issue subpoenas, and initiate legal actions against violators, while also establishing a process for voluntary divestment for those found in violation. The bill removes the requirement for individuals to determine violations, placing that responsibility on the Attorney General and designated officials. It also ensures that if any part of the act is deemed invalid, the remaining sections will still be enforceable.

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