This bill aims to prohibit adverse foreign governments and certain associated individuals from acquiring or holding any legal or beneficial interest in real property within the State of New Jersey. Specifically, it targets governments identified as threats to U.S. national security, including the Peoples Republic of China, Russia, Iran, and North Korea, as outlined in recent Annual Threat Assessments by the U.S. Intelligence Community. The legislation allows those foreign entities that already own real property at the time of the bill's enactment to retain ownership for a maximum of five years, after which they must sell or convey their interests to non-adverse entities.

The bill includes specific exceptions for property acquisition through legal processes related to debt collection or foreclosure, as well as through inheritance or bona fide encumbrances. It also stipulates that any provisions conflicting with federal law will not apply if they impede federal objectives or violate federal statutes. The attorney general is empowered to enforce the bill, with violators facing civil penalties up to $250,000 or 50% of the market value of the property in question. Additionally, the Secretary of State is tasked with creating regulations to implement the bill's provisions effectively.