The proposed bill aims to amend the Code of West Virginia by introducing a new article, designated as Article 3A, which specifically prohibits foreign adversaries from owning or possessing real property within the state. The legislation outlines the definition of "prohibited foreign parties," which includes individuals and entities from countries identified as hostile to the United States, such as China, Russia, and Iran, among others. It establishes that any business entity controlled by these foreign parties is also barred from acquiring property in West Virginia. The bill mandates that such entities must divest any existing property within six months of the law's enactment and provides legal recourse through the Attorney General if they fail to comply.

Additionally, the bill stipulates penalties for violations, classifying them as felonies punishable by up to two years in prison and a $50,000 fine. It also clarifies that title to property will not be invalidated due to violations by previous owners, and it protects individuals not subject to the law from needing to verify the status of others regarding compliance. Overall, the legislation seeks to safeguard West Virginia's real estate from foreign adversaries, reflecting a growing concern over national security and property ownership.

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