This bill establishes new regulations regarding the ownership and control of real property in Oklahoma, particularly focusing on agricultural land and properties near military installations. It prohibits certain entities and individuals, specifically those associated with foreign adversary nations, from owning or controlling agricultural land or real property within five miles of military installations. Exceptions are provided for residential property and for entities engaged in agricultural research and development. The bill also allows for the waiver of these restrictions under specific circumstances if deemed beneficial to the state's economy.

Additionally, the bill mandates that individuals or entities in violation of these ownership restrictions must divest their interests within two years of the act's effective date. It requires the registration of any prohibited property interests with the Office of the Attorney General, with penalties for late registration. The bill outlines a process for forfeiture of property owned in violation of these provisions and allows for civil actions to be initiated for such forfeitures. The effective date of the act is set for November 1, 2025.