Last Action | 02/28/24: to Agriculture (S) |
---|---|
Title | AN ACT relating to the acquisition and ownership of real property by a foreign principal. |
Bill Documents | Introduced |
Fiscal Impact Statements |
Corrections Impact
Local Mandate |
Bill Request Number | 2048 |
Sponsors | M. Wise, R. Mills, L. Tichenor |
Summary of Original Version | Create new sections of KRS Chapter 381 to define terms; prohibit a foreign principal from acquiring or owning agricultural land; require a foreign principal that owns or acquires agricultural land before the effective date of this Act to register the ownership with the Department of Agriculture; require a purchaser of agricultural land to file an affidavit with the Department of Agriculture attesting that the purchaser is not a foreign principal; authorize the Department of Agriculture to promulgate regulations; prohibit a foreign principal from acquiring or owning real property on or within 10 miles of a military installation; require a foreign principal that owns or acquires real property on or within 10 miles of a military installation before the effective date of this Act, or that owns real property as authorized to register the ownership with the Cabinet for Economic Development; require a purchaser of real property located on or within 10 miles of a military installation to file an affidavit with the Cabinet for Economic Development attesting that the purchaser is not a foreign principal; authorize the Cabinet for Economic Development to promulgate regulations; authorize the Kentucky Real Estate Commission to establish regulations related to the affidavits required under this Act; establish procedures for the forfeiture of real property owned or acquired in violation of this Act; establish penalties for violations; amend KRS 381.320 to conform. |
Index Headings of Original Version |
County Clerks - Property forfeiture, lis pendens notice Courts, Circuit - Civil action by Cabinet for Economic Development, real property, forfeiture Courts, Circuit - Civil action by Department of Agriculture, agricultural land, forfeiture Crimes and Punishments - Ownership of real property, prohibition Deeds and Conveyances - Ownership of real property, restrictions Deeds and Conveyances - Real property, sale or transfer, affidavit Property - Ownership of real property, registration requirement Property - Ownership of real property, restrictions Real Estate - Ownership of real property, registration requirement Real Estate - Ownership of real property, restrictions Homeland Security - Foreign principals, ownership of real property, restrictions Administrative Regulations and Proceedings - Cabinet for Economic Development, ownership of real property, regulation Administrative Regulations and Proceedings - Department of Agriculture, ownership of agricultural land, regulation Agriculture - Ownership of agricultural land, registration requirement Agriculture - Ownership of agricultural land, restrictions Civil Actions - Real property, forfeiture, establishment Boards and Commissions - Kentucky Real Estate Commission, real property, sale or transfer, affidavit Corrections Impact - Ownership of real property, restrictions Local Mandate - Ownership of real property, restrictions |
02/26/24 |
|
---|---|
02/28/24 |
|
Last updated: 9/26/2024 1:37 PM (EDT)