Changes the laws regarding the foreign ownership of real estate

This bill restricts the ability of non-citizens and non-residents to buy, sell, or hold agricultural land within the state, while allowing them to own other types of real estate. Beginning August 28, 2024, foreign individuals and businesses are prohibited from acquiring any agricultural land, and those who already own such land cannot transfer it to other foreign entities. The legislation requires that any proposed transfer of agricultural land currently held by a foreign party be reviewed and approved by the state Department of Agriculture to ensure compliance with these new limits. Existing foreign owners retain their current property rights but are barred from selling or gifting the land to other non-residents after the effective date.