The bill H. 3408 aims to amend the South Carolina Code of Laws by adding Section 27-1-80, which prohibits companies that are wholly or partially owned by any United States-declared foreign adversary from owning, leasing, possessing, or exercising control over real estate in South Carolina. This includes entities associated with countries such as China, Russia, Iran, and North Korea. Any acquisition of real estate by such foreign adversaries would be deemed void, and the title would automatically revert to the state without any compensation owed to the foreign adversary. Additionally, any liens attached to the property during the foreign adversary's ownership would remain valid but could not be foreclosed while the state holds the title.

The bill also allows local attorneys, the Attorney General, or any non-foreign adversary party involved in the void transaction to take legal action to eject the foreign adversary from the property, quiet title, or pursue other appropriate remedies. Furthermore, the bill clarifies that if a foreign adversary sells or transfers the property to a non-foreign adversary, the title would be valid as if the foreign adversary's acquisition had never occurred. The provisions of this section must align with any existing treaties between the United States and other countries. The act will take effect upon the Governor's approval and will first apply after 2025.

Statutes affected:
12/05/2024: 27-1-80
Latest Version: 27-1-80
12/06/2024: 27-1-80