25RS HB 315

House Bill 315

Actions

Last Action	02/07/25: to Agriculture (H)
Title	AN ACT relating to the acquisition of agricultural land.
Bill Documents	Introduced
Bill Request Number	370
Sponsors	S. Sharp, E. Callaway, S. Doan, T. Roberts
Summary of Original Version	Create a new section of KRS Chapter 247 to define terms; prohibit a nonresident alien, foreign business, foreign agent, trustee, or fiduciary associated with the government of any proscribed country referenced in 22 C.F.R. sec. 126.1 from the purchase, lease, or acquisition of agricultural land in Kentucky or participation in programs administered by the Department of Agriculture, Agricultural Development Board, and Kentucky Agricultural Finance Corporation; allow a nonresident alien, foreign business, foreign agent, trustee, or fiduciary to own, purchase, hold, or develop agricultural land for nonagricultural use provided that the development is completed within five years of acquiring the land; require that a copy of the report required under the provisions of the Agricultural Foreign Investment Disclosure Act be filed with the Department of Agriculture; require the Department of Agriculture 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; require that agricultural land found in violation be escheated to the state and be subject to judicial foreclosure; set requirements for disbursement of proceeds of the sale.
Index Headings of Original Version	Escheats - Agricultural land, foreign ownership, prohibited countries, judicial foreclosure International Trade and Relations - Agricultural land, acquisition, prohibited foreign countries Land Use - Agricultural land, development, nonagricultural use Property - Agricultural land, acquisition, prohibited foreign countries Real Estate - Agricultural land, acquisition, prohibited foreign countries State Agencies - Department of Agriculture, Office of the Attorney General, agricultural land, foreign ownership Homeland Security - Agricultural land, acquisition, prohibited foreign countries Agriculture - Agricultural land, development, nonagricultural use Agriculture - Department of Agriculture, foreign ownership, agricultural land, compliance Agriculture - Research on agricultural land, prohibited countries, exemption Attorney General - Agricultural land, foreign ownership, compliance, enforcement

02/05/25	introduced in House to Committee on Committees (H)
02/07/25	to Agriculture (H)