The bill amends the Foreign-owned Real Estate National Security Act by adding new provisions and clarifying existing ones. It introduces a new section that exempts certain property interests from being voided or subject to divestiture under the Act. Specifically, individuals or entities that acquired property interests while legally present in the U.S. as authorized aliens, or those who do not meet the definition of a nonresident alien after acquisition, will not face penalties under the Act. This exemption aims to protect property rights for those who may otherwise be affected by the Act's restrictions.

Additionally, the bill modifies the enforcement procedures related to violations of the Act. It specifies that the Attorney General or retained outside counsel can issue subpoenas and outlines the process for notifying restricted entities of potential violations. If a violation is confirmed, the restricted entity is given a grace period to voluntarily divest their interest in the real estate before legal action is taken. The bill also clarifies that the new provisions do not apply to property interests held by restricted entities, ensuring that these entities remain subject to the Act's regulations. The original sections of the law being amended are repealed to incorporate these changes.

Statutes affected:
Introduced: 76-3701, 76-3712