Security and Land Restriction Amendments

Reorganized the text of Section 63L-13-201 to correct a structural error where the department's duty to send a letter was interrupted by unrelated enforcement penalties, ensuring the procedural flow is clear.

The ownership threshold for an entity to be classified as a 'restricted foreign entity' was lowered from 51% to 25%.

A new definition for 'natural asset company' was added, referencing specific SEC rules regarding natural resource companies.

A new process was created where the Department of Public Safety must send a letter to entities suspected of being restricted foreign entities, requiring them to provide proof of non-restricted status within 30 days.

A daily fine of $500 was established for entities that fail to respond to the department's letter within the required timeframe.

The Attorney General is now required to coordinate with the Division of Facilities and Construction Management when selling land interests held by restricted foreign entities.

The definition of 'restricted foreign entity' was expanded to include affiliates of specific countries and agencies of countries with a commercial or defense industrial base.

Minor formatting and sponsorship information updates were made to the enrolled copy.