This bill aims to prohibit certain foreign governments and individuals from acquiring or holding interests in protected land located within 10 miles of military facilities in New Jersey. Specifically, it defines "foreign government" and "foreign person" to include entities subject to U.S. sanctions and outlines the types of land considered protected. The bill establishes that no foreign government or foreign person may obtain legal or beneficial interests in such land after its effective date, with limited exceptions for those already holding interests, who may retain ownership for a maximum of five years before being required to sell or convey their interests to non-foreign entities.

The bill allows for certain exceptions where foreign governments or persons may acquire protected land through legal processes related to debt collection or foreclosure, but mandates that such land must be sold within two years to compliant entities. Additionally, the bill clarifies that it does not apply to land acquired through inheritance or bona fide encumbrances. Importantly, any provisions that conflict with existing treaties between the U.S. and other countries will not apply to foreign governments or persons from those treaty nations.