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 who already own such interests, allowing them to retain ownership for a maximum of five years.

Additionally, the bill stipulates that any foreign entity holding an interest in protected land must sell or convey that interest within five years to a non-foreign entity. It allows for certain exceptions, such as acquiring land through legal processes related to debt collection, which must also be sold within two years to a compliant entity. Furthermore, the bill clarifies that its provisions do not apply if they conflict with existing treaties between the U.S. and other countries.