This bill proposes the addition of a new section, 37-1-5a, to the Code of West Virginia, which regulates the purchase or acquisition of real property by certain aliens and foreign entities. It defines "alien" as individuals who are not U.S. citizens or lawful permanent residents, and "foreign entity" as any organization formed under foreign laws. The bill identifies "designated countries," which include nations like China, Russia, Iran, and North Korea, as those posing significant risks to national security. It prohibits individuals or entities from these designated countries from acquiring real property in West Virginia, mandating that those who currently own such property must sell it within 180 days and report their holdings to the Department of Agriculture within 60 days.

The bill outlines exceptions to this prohibition, including U.S. citizens and lawful permanent residents, properties qualifying as a residence homestead, and leasehold interests not exceeding five years. It grants the West Virginia Attorney General the authority to investigate violations and seek legal remedies, including injunctive relief and property management by a receiver. Additionally, the Attorney General is empowered to create rules for implementing this section, and a severability clause ensures that if any part of the section is deemed invalid, the remaining provisions will still be enforceable.

Statutes affected:
Introduced Version: 37-1-5a