The proposed bill aims to amend the Code of West Virginia by introducing a new article that prohibits foreign adversaries from owning or possessing real estate within the state. Specifically, it establishes definitions for terms such as "prohibited foreign-party-controlled business" and "prohibited foreign party," which includes entities and individuals from the People's Republic of China and other foreign governments identified as hostile to U.S. interests. The bill outlines that any business controlled by these foreign parties is barred from acquiring any interest in real estate, including mineral rights, and mandates that any existing interests must be divested within six months of the bill's effective date.

Additionally, the bill provides enforcement mechanisms, allowing the Attorney General to file civil actions against prohibited foreign-party-controlled businesses that violate these provisions. If a violation is confirmed, the circuit court will order the sale of the real estate through judicial sale, with proceeds distributed to lienholders. The bill also includes good-faith protections, ensuring that title to real estate is not invalidated due to prior violations by previous owners and that individuals not subject to the prohibitions are not obligated to investigate the status of others regarding these restrictions.

Statutes affected:
Introduced Version: 37-3A-1, 37-3A-2
Committee Substitute: 37-3A-1, 37-3A-2
Engrossed Committee Substitute: 37-3A-1, 37-3A-2