SB383

Senate Bill 383 prohibits 'prohibited foreign-party-controlled businesses' from acquiring land in Arkansas and restricts 'prohibited foreign parties' from acquiring agricultural land. The bill defines prohibited foreign parties primarily as citizens, governments, or entities associated with countries subject to United States International Traffic in Arms Regulations or designated as Entities of Particular Concern by the U.S. Department of State. Entities or individuals in violation are required to divest their interest in the land within two years. Failure to comply can result in the Attorney General initiating legal action, which may lead to the judicial foreclosure and sale of the property. Additionally, the bill establishes criminal penalties for violations, including fines and imprisonment, while providing an affirmative defense for resident aliens of Arkansas. The legislation also creates an Office of Agricultural Intelligence to monitor compliance and report violations to the Attorney General.