24RS SB 284

Senate Bill 284

Actions

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	introduced in Senate to Committee on Committees (S)
02/28/24	to Agriculture (S)