The proposed bill amends the Foreign-owned Real Estate National Security Act by introducing new provisions and exemptions related to property interests held by certain individuals and entities. Specifically, it adds a new section that stipulates that property interests acquired by individuals who were present in the United States as authorized aliens or who do not meet the definition of a nonresident alien at the time of acquisition will not be subject to divestiture or deemed invalid under the Act. This provision aims to protect property interests from being voided or held invalid based on the status of the holder at a later time.

Additionally, the bill clarifies that the existing enforcement mechanisms for violations of the Act remain intact, including the roles of the Department of Agriculture and the Attorney General in investigating and prosecuting violations. It also establishes a grace period for restricted entities to voluntarily divest from properties subject to violations, while imposing civil penalties for non-compliance. The bill repeals the original sections of the law that are being amended, ensuring that the new provisions are harmonized with the existing legal framework.

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