HB393: AN ACT relating to the acquisition and ownership of real property by a foreign principal.

Legislative Summary

Create a new section of KRS Chapter 381, relating to real property, to define terms; prohibit foreign principals from owning real property in the Commonwealth of Kentucky; provide exceptions; require foreign principals to register any ownership interest acquired before the effective date of this Act with the Cabinet for Economic Development; allow persons to report evidence of noncompliance to the Office of the Attorney General; require the Office of the Attorney General to investigate the evidence; allow the Office of the Attorney General to enforce provisions; establish penalties for violations; amend KRS 381.320 to conform.