This bill establishes new regulations regarding the ownership of real property interests by certain "prohibited entities" in South Dakota, particularly in relation to military installations. It defines key terms such as "military installation," "prohibited entity," and "real property interest." The bill prohibits prohibited entities from holding or obtaining any real property interest in the state while a military installation exists. Additionally, if a prohibited entity acquires such an interest through descent or devise, they must dispose of it within three years; if acquired by other means, the disposal must occur within two years.

The bill also outlines enforcement mechanisms, granting the attorney general the authority to investigate violations and initiate legal actions for forfeiture or termination of interests held in violation of the law. It specifies the process for distributing proceeds from the sale of forfeited properties and clarifies that individuals who are not prohibited entities have no obligation to verify the status of others regarding this law. Furthermore, the bill lists exceptions to its applicability, including interests held by entities with national security clearance and interests held by U.S. citizens or lawful residents.