Prohibiting foreign governments from acquiring or owning real property or agricultural land located in the state

This bill prohibits foreign governments from acquiring real property, or an interest in real property, located in the state by grant, purchase, devise, or descent on or after the effective date of the bill. Under current law, except for agricultural land, foreign governments may acquire real property. The bill provides for divestment of real property or interests in real property currently owned or acquired by foreign governments within two years of the effective date of the bill. agricultural land of a certain size or for certain purposes. 3 (restriction on agricultural land holdings). The bill requires real property or agricultural land acquired by a foreign government by devise or descent prior to the effective date of the bill to be divested within two years from the effective date of the bill. Real property or agricultural land acquired by a foreign government by devise or descent after the effective date of the bill must be divested within two years from the date of acquiring the land or interest. The divestment language for real property in the bill aligns with the divestment requirement for agricultural land acquired by devise or descent by a nonresident alien, foreign business, or foreign government in current law. The bill requires a county recorder to report a violation of the bill to the attorney general. Upon receipt of a report from the secretary of state, the attorney general shall initiate an action in the district court of any county in which the land is located.11.