The proposed bill aims to restrict the ownership of agricultural land in Wyoming by nonresident aliens, foreign businesses, and foreign governments. It establishes that these entities are prohibited from acquiring agricultural land, with certain exceptions such as land acquired by devise or descent, bona fide encumbrances, and land used for research or experimental purposes. The bill also mandates that any nonresident alien, foreign business, or foreign government that currently owns agricultural land must register it with the Secretary of State and file annual reports detailing their ownership and use of the land. Violations of these provisions could lead to penalties, including civil fines and the potential escheat of the land to the state.

Additionally, the bill outlines specific definitions related to agricultural land and ownership, including what constitutes "farming" and the criteria for foreign entities. It requires that the Secretary of State develop rules for implementation by July 1, 2024, and establishes that the act will apply to acquisitions of agricultural land by the specified entities on or after that date. The bill emphasizes the need for compliance and accountability in the ownership and use of agricultural land in Wyoming, aiming to protect local agricultural interests from foreign control.