This bill establishes regulations regarding the ownership of real property near military installations in South Dakota, specifically targeting prohibited entities. It defines key terms such as "military installation," "real property interest," and "restricted zone," which is defined as an area within a ten-mile radius of a military installation. The bill prohibits prohibited entities from holding or obtaining real property interests within these restricted zones and outlines specific divestment periods for entities that acquire such interests. Additionally, it mandates that any transfer of real property interests in these zones requires the transferee to execute an affidavit confirming compliance with the chapter's provisions.

The bill also empowers the attorney general to investigate and enforce violations of these regulations, including the ability to subpoena relevant documentation and initiate forfeiture actions in court. It stipulates that any real property interest held in violation of the chapter must be forfeited to the state, with proceeds from any sale distributed according to a specified order. Furthermore, the bill clarifies that individuals who are not prohibited entities have no obligation to verify the status of others regarding these regulations and outlines exceptions to the chapter's applicability, including interests held by publicly traded companies and certain approved exchanges.