The bill H. 3408 aims to amend the South Carolina Code of Laws by adding Section 27-1-80, which prohibits companies that are owned, in whole or in part, 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. The bill also stipulates that any acquisition of real estate by such foreign adversaries in violation of this section is void, and the title to the property will automatically vest in the state without any compensation owed to the foreign adversary. Furthermore, the foreign adversary is barred from claiming restitution for any payments made in connection with the acquisition.

Additionally, the bill outlines the legal recourse available to local attorneys, the Attorney General, or any non-foreign adversary party involved in a void transaction, allowing them to file actions to eject the foreign adversary from the property, quiet title, or take other appropriate actions to nullify the transaction. The bill clarifies that if a foreign adversary sells or transfers the property to a non-foreign adversary, the title will be valid as if the initial acquisition had not occurred. The act will take effect upon approval by the Governor 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