LEGISLATIVE FISCAL OFFICE
Fiscal Note
Fiscal Note On: HB 537 HLS 23RS 881
Bill Text Version: ENROLLED
Opp. Chamb. Action:
Proposed Amd.:
Sub. Bill For.:
Date: June 7, 2023 4:39 PM Author: HODGES
Dept./Agy.: Attorney General
Subject: Prohibition Against Foreign Adversary - Immovable Property Analyst: Daniel Druilhet
CONTRACTS EN GF EX See Note Page 1 of 1
Provides for a prohibition against foreign adversary purchasing, leasing, or acquiring land
Proposed law creates a law prohibiting the acquisition of immovable property by a foreign adversary (FA) or a person connected with a
foreign adversary (PCFA), which prohibits any FA or any PCFA from purchasing, leasing, or acquiring (PLA) immovable property in
Louisiana (with an exception); creates provisions on rescission of contracts related to PLA immovable property by a FA; creates a liability
provision for transactions between FA and parties who engage in transactions for PLA immovable property with FA; allows the Attorney
General (AG) to bring an action for injunctive relief on behalf of the state against a FA to enjoin a property transfer; provides consideration
for jurisdiction for an action brought by the AG and recovery for reasonable attorney’s fees and court costs; permits the AG to open
investigations upon securing evidence of attempts by a FA to enter into contracts for PLA immovable property; provides procedural rules
for the AG related to recordation in the public records of a notice of pendency of action (NOPOA) and cancellation of a NOPOA and provides
that the AG may petition the court for an order requiring the judicial sale (JS) of property under a NOPOA against a FA and that the
proceeds of the JS be deposited in the registry of the court; provides that any proceeds remaining after satisfying all mortgages, liens,
privileges, encumbrances, and other costs of the JS be considered a civil asset forfeiture and paid to the AG to fund VFW services.
EXPENDITURES 2023-24 2024-25 2025-26 2026-27 2027-28 5 -YEAR TOTAL
State Gen. Fd. SEE BELOW SEE BELOW SEE BELOW SEE BELOW SEE BELOW
Agy. Self-Gen. $0 $0 $0 $0 $0 $0
Ded./Other $0 $0 $0 $0 $0 $0
Federal Funds $0 $0 $0 $0 $0 $0
Local Funds $0 $0 $0 $0 $0 $0
Annual Total
REVENUES 2023-24 2024-25 2025-26 2026-27 2027-28 5 -YEAR TOTAL
State Gen. Fd. $0 $0 $0 $0 $0 $0
Agy. Self-Gen. SEE BELOW SEE BELOW SEE BELOW SEE BELOW SEE BELOW
Ded./Other $0 $0 $0 $0 $0 $0
Federal Funds $0 $0 $0 $0 $0 $0
Local Funds SEE BELOW SEE BELOW SEE BELOW SEE BELOW SEE BELOW
Annual Total
EXPENDITURE EXPLANATION
Proposed law will not result in any anticipated direct material effect on governmental expenditures to the extent that the
Attorney General (AG) chooses not to pursue claims for injunctive relief, open investigations, order judicial sales, or engage
in civil asset forfeiture of property which involves transactions for purchasing, acquiring, or leasing immovable property by
foreign adversaries or persons connected with foreign adversaries.
To the extent that the AG chooses to pursue claims for injunctive relief, open investigations, order judicial sales, or engage
in civil asset forfeiture of property which involves transactions for purchasing, acquiring, or leasing immovable property by
foreign adversaries or persons connected with foreign adversaries under proposed law, the LFO presumes that the AG will be
required to secure additional personnel to address increased workload, if it cannot absorb the workload using existing
resources.
REVENUE EXPLANATION
Proposed law will not result in any anticipated direct material effect on governmental revenues to local courts in which
proceedings related to the judicial sale of property (which involves transactions for purchasing, acquiring, or leasing
immovable property by foreign adversaries or persons connected with foreign adversaries) are held, to the extent that the
AG chooses not to pursue judicial sales and that remaining proceeds of those sales are not deposited in the registry of the
court in which those actions are pursued. Proposed law will also not result in any anticipated direct material effect on SGR
to the AG to the extent that the AG does not recover reasonable attorneys fees or court costs associated with pursuing
injunctive relief or ordering judicial sales of property which involves transactions for purchasing, acquiring, or leasing
immovable property by foreign adversaries or persons connected with foreign adversaries.
To the extent that the AG chooses to pursue injunctive relief or seek orders of judicial sales of property which involves
transactions for purchasing, acquiring, or leasing immovable property by foreign adversaries or persons connected with
foreign adversaries, proposed law will likely result in an increase in SGR to the AG and an increase in local revenue to courts
in which proceedings ordering judicial sales of property (which involves transactions for purchasing, acquiring, or leasing
immovable property by foreign adversaries or persons connected with foreign adversaries) are held.
Senate Dual Referral Rules House
13.5.1 >= $100,000 Annual Fiscal Cost {S & H} 6.8(F)(1) >= $100,000 SGF Fiscal Cost {H & S}
Evan Brasseaux
13.5.2 >= $500,000 Annual Tax or Fee 6.8(G) >= $500,000 Tax or Fee Increase
Change {S & H} or a Net Fee Decrease {S} Interim Deputy Fiscal Officer