HB68 Alabama 2025 Session

Summary

Primary Sponsor

Scott Stadthagen Representative

Republican

Session

2025 Regular Session

Title

Leasehold interests added to prohibition against acquisition of ownership interests by certain individuals, governments, political parties in agricultural, forest and other real property; adds companies, individuals on U.S. Treasury sanctions lists to sanctions list prohibition; specifies overall pertinence to property in the state

Description

Under existing law that prohibits a foreign principal from acquiring certain interests in certain agricultural and forest property or other real property in the state, the term "foreign principal" is defined as a government, government official, political party, or member of a political party of certain specified countries, or any country or government identified on any sanctions list of the U.S. Department of the Treasury's Office of Foreign Assets Control.

This bill would expand the definition of "foreign principal" to include an individual or company identified on any sanctions list of the United State Department of the Treasury's Office of Foreign Assets Control.

This bill would specify that the terms "agricultural and forest property" and "real property" mean agricultural and forest property and real property in the state.

This bill would expand the existing law that prohibits a foreign principal from acquiring certain ownership interests in agricultural and forest property and real property to also prohibit a foreign principal from acquiring a leasehold interest in any of these properties in the state.

HB68 INTRODUCED.

Show more Show less

Subjects

Property & Estates