This bill establishes new regulations regarding the ownership and control of agricultural land and real property in Oklahoma, particularly concerning foreign adversaries. It prohibits certain entities and individuals, including foreign adversary nations and nonresident aliens, from owning or controlling agricultural land or any real property within five miles of military installations. Exceptions are made for residential property and for entities engaged in agricultural research and development. The bill also allows for the waiver of these prohibitions under specific circumstances if deemed beneficial to the state's economy.

Additionally, the bill mandates that any person or entity currently holding prohibited interests in real property must register these interests with the Office of the Attorney General within 90 days of the bill's effective date. Failure to register will incur a civil penalty. The bill outlines the process for divestment of prohibited interests, the requirements for affidavits during property transactions, and the procedures for forfeiture of property held in violation of the act. The Attorney General and district attorneys are granted authority to initiate civil actions for forfeiture, and the bill is set to take effect on November 1, 2025.