The proposed legislation, titled the "Foreign Adversary & State-Owned Enterprise Land Ownership Enforcement Act," aims to restrict foreign ownership of land in Oklahoma, particularly by foreign government adversaries and state-owned enterprises (SOEs). It prohibits these entities from acquiring, holding, or controlling covered land within ten miles of military installations or critical infrastructure sites. The bill introduces new requirements for disclosures in land transactions, mandating that affidavits be included with deeds recorded after November 1, 2023. These affidavits must list beneficial owners, funding sources, and certify compliance with state laws regarding foreign ownership.

Additionally, the bill outlines penalties for violations, including civil penalties of up to $250,000 per transaction or $10,000 per acre, and criminal penalties for knowingly filing false affidavits. The Attorney General is granted authority to investigate violations, issue civil demands, and bring civil actions for enforcement. The legislation also includes provisions for divestiture of prohibited interests and establishes that invalid provisions are severable. Amendments to existing law clarify definitions related to beneficial ownership and foreign entities, enhancing the regulatory framework surrounding land ownership in Oklahoma. The act is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 60-121