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. Additionally, the bill clarifies that property interests held under these conditions will not be subject to the act's provisions for as long as the holder retains the interest.

Furthermore, 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. The bill also establishes the court's authority to manage divestment proceedings and details the order of disbursement of proceeds from such actions. The original sections of the law being amended are repealed, ensuring that the new provisions are integrated into the existing legal framework.

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