25RS HB 393

House Bill 393

Actions

Last Action	02/06/25: to Committee on Committees (H)
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	180
Sponsor	B. Wesley
Summary of Original Version	Creates a new section of KRS Chapter 381, relating to real property, to define terms; prohibit foreign principals from owning real property in the Commonwealth of Kentucky; provide exceptions; require foreign principals to register any ownership interest acquired before the effective date of this Act with the Cabinet for Economic Development; allow persons to report evidence of noncompliance to the Office of the Attorney General; require the Office of the Attorney General to investigate the evidence; allow the Office of the Attorney General to enforce provisions; establish penalties for violations; amend KRS 381.320 to conform.
Index Headings of Original Version	Crimes and Punishments - Ownership of real property, prohibition Crimes and Punishments - Sale of real property, foreign principals, prohibition Deeds and Conveyances - Ownership of real property, restrictions Escheats - Foreign ownership of real property, prohibited countries, judicial foreclosure 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 Attorney General - Foreign ownership of real property, compliance, enforcement Corrections Impact - Foreign principals, ownership of real property, restrictions Local Mandate - Cabinet for Economic Development, ownership of real property, regulation