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, it mandates that any prohibited entity that acquires such an interest must dispose of it within specified timeframes, either three years for descent or devise or two years for other means of acquisition.

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 includes exemptions for certain entities and individuals, such as those with national security clearance or lawful permanent residents, ensuring that not all property interests are subject to these restrictions.