SB284: AN ACT relating to the acquisition and ownership of real property by a foreign principal.

Legislative Summary

Create new sections of KRS Chapter 381 to define terms; prohibit a foreign principal from acquiring or owning agricultural land; require a foreign principal that owns or acquires agricultural land before the effective date of this Act to register the ownership with the Department of Agriculture; require a purchaser of agricultural land to file an affidavit with the Department of Agriculture attesting that the purchaser is not a foreign principal; authorize the Department of Agriculture to promulgate regulations; prohibit a foreign principal from acquiring or owning real property on or within 10 miles of a military installation; require a foreign principal that owns or acquires real property on or within 10 miles of a military installation before the effective date of this Act, or that owns real property as authorized to register the ownership with the Cabinet for Economic Development; require a purchaser of real property located on or within 10 miles of a military installation to file an affidavit with the Cabinet for Economic Development attesting that the purchaser is not a foreign principal; authorize the Cabinet for Economic Development to promulgate regulations; authorize the Kentucky Real Estate Commission to establish regulations related to the affidavits required under this Act; establish procedures for the forfeiture of real property owned or acquired in violation of this Act; establish penalties for violations; amend KRS 381.320 to conform.