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 foreign entities must sell or convey their interests in protected land within five years, with specific provisions for acquiring land through legal processes related to debt collection or foreclosure. It also allows for exceptions in cases of inheritance or bona fide encumbrances. Importantly, the bill clarifies that any provisions inconsistent with U.S. treaties will not apply to foreign governments or persons from treaty-partner countries.