The proposed bill aims to protect Washington farmland by restricting the purchase of agricultural land by large investment and business entities, multinational nonprofit organizations, and certain land trusts. The legislature recognizes that the acquisition of such land by these entities is negatively impacting local farmers and ranchers, leading to increased food costs for consumers. To address this issue, the bill prohibits these entities from acquiring interests in land zoned for agricultural use, with specific exceptions for land containing merchantable timber or qualifying as timberland.

Additionally, the bill establishes penalties for violations, including civil penalties of up to $100,000 and requirements for the offending entities to sell the land to qualified buyers within a year of a final judgment. If they fail to do so, they may incur further penalties of $125,000 for each year of non-compliance. The bill also defines key terms such as "agricultural use," "business entity," and "investment entity," and emphasizes that violations are considered unfair or deceptive acts under the consumer protection act. The act is deemed necessary for the immediate preservation of public interests and takes effect immediately upon passage.