(a) (1) A prohibited foreign-party-controlled business or a prohibited foreign party shall not acquire by grant, purchase, devise, descent, or otherwise an interest in non-agricultural land in this state.(2) A party shall not hold an interest in non-agricultural land as an agent, trustee, or other fiduciary for a prohibited foreign-party-controlled business or a prohibited foreign party.(3) A prohibited foreign-party-controlled business or a prohibited foreign party that acquires non-agricultural land in violation of this section remains in violation as long as the prohibited foreign-party-controlled business or the prohibited foreign party holds an interest in the non-agricultural land.
(1) A prohibited foreign-party-controlled business or a prohibited foreign party shall not acquire by grant, purchase, devise, descent, or otherwise an interest in non-agricultural land in this state.
(2) A party shall not hold an interest in non-agricultural land as an agent, trustee, or other fiduciary for a prohibited foreign-party-controlled business or a prohibited foreign party.
(3) A prohibited foreign-party-controlled business or a prohibited foreign party that acquires non-agricultural land in violation of this section remains in violation as long as the prohibited foreign-party-controlled business or the prohibited foreign party holds an interest in the non-agricultural land.
(b) (1) A prohibited foreign-party-controlled business or a prohibited foreign party in violation of this section shall divest itself of the interest in non-agricultural land within two (2) years of the date the entity is found to be in violation.(2) If a prohibited foreign-party-controlled business or a prohibited foreign party does not divest itself of the interest in non-agricultural land as prescribed in subdivision (b)(1), then the attorney general and reporter may commence an action pursuant to § 66-2-307.
(1) A prohibited foreign-party-controlled business or a prohibited foreign party in violation of this section shall divest itself of the interest in non-agricultural land within two (2) years of the date the entity is found to be in violation.
(2) If a prohibited foreign-party-controlled business or a prohibited foreign party does not divest itself of the interest in non-agricultural land as prescribed in subdivision (b)(1), then the attorney general and reporter may commence an action pursuant to § 66-2-307.
(c) A violation of this section is a Class A misdemeanor, punishable by a fine of one thousand five hundred dollars ($1,500) or confinement for not more than eleven (11) months and twenty-nine (29) days, or both.