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 is void, and the title to the property will automatically vest in the state without any compensation owed to the foreign adversary. Furthermore, any liens attached to the property during the foreign adversary's ownership will remain valid but cannot be foreclosed while the state holds the title.

Additionally, the bill allows local attorneys, the Attorney General, or any non-foreign adversary party involved in the void transaction to file actions in circuit court to eject the foreign adversary from the property, quiet title, or take other appropriate actions to nullify the transaction. The bill clarifies that it will not conflict with any existing treaties between the United States and other countries. It is set to 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