SB 295

Abstract

Foreign adversaries; restrictions; civil penalty.Restricts any foreign adversary or foreign business, as those termsare defined in the bill, from acquiring any interest in land in theCommonwealth and requires registration with the Secretary of the Commonwealth. The bill requires the Secretary to report annuallyby December 1 on the registrations and any penalties assessed forfailure to register and to submit such report to the Governor and the General Assembly. The bill restricts foreign entities governedby a foreign adversary from transacting business in, forming an entityin, or becoming an entity of the Commonwealth. The bill also requiresall real property tax bills to contain notice of such foreign propertyownership restrictions and registration requirements.