A bill for an act relating to interests in agricultural land acquired or held by foreign businesses, foreign governments, or nonresident aliens, or by agents, trustees, or fiduciaries thereof, by providing for registration and reporting requirements, providing for enforcement, and providing penalties.(See SF 2204.)
Impact
The implications of this bill are significant as it establishes new registration and biennial reporting requirements for foreign ownership of agricultural land. This action comes in response to increasing concerns regarding the environmental, economic, and food security risks associated with foreign control over domestic agricultural resources. The revisions to existing laws also empower the Attorney General to enforce compliance through inquiries and investigations, thereby enhancing state oversight and regulatory authority over foreign land investments.
Summary
Senate Study Bill 3113 aims to regulate the acquisition and holding of agricultural land by foreign entities, including foreign businesses, governments, and nonresident aliens. The bill mandates that such foreign persons must register their interests in agricultural land with the Secretary of State, including providing detailed information about their identity, purpose of business in Iowa, and specific land holdings. This requirement extends to agents, trustees, or fiduciaries acting on behalf of foreign entities. Previously existing regulations have been modified to restore registration requirements that had been suspended.
Contention
Debate over SSB3113 centers on the balance between protecting Iowa's agricultural interests and ensuring that foreign investors are not unduly restricted from acquiring land. Supporters argue that the measures are necessary for maintaining state sovereignty over land ownership and preventing potential adverse effects on local agriculture and economies. Conversely, critics of the bill might contend that stringent regulations could deter foreign investment, which is vital for agricultural innovation and financial stability. The highlighted penalties for non-compliance with registration and reporting may also raise concerns regarding their proportionality and enforcement.
Replaced by
A bill for an act relating to interests in agricultural land acquired or held by foreign businesses, foreign governments, or nonresident aliens, or by agents, trustees, or fiduciaries thereof, by providing for registration and reporting requirements, providing for enforcement, and providing penalties. (Formerly SSB 3113.) Effective date: 07/01/2024.
Related
A bill for an act relating to interests in agricultural land acquired or held by foreign businesses, foreign governments, or nonresident aliens, or by agents, trustees, or fiduciaries thereof, by providing for registration and reporting requirements, providing for enforcement, and providing penalties.(See HF 2483.)
Replaced by
A bill for an act relating to interests in agricultural land acquired or held by foreign businesses, foreign governments, or nonresident aliens, or by agents, trustees, or fiduciaries thereof, by providing for registration and reporting requirements, providing for enforcement, and providing penalties.(Formerly HSB 663.)
State government; creating the Oklahoma Foreign Agents Registration Act; prescribing requirements to register as a foreign agent; providing for enforcement. Effective date.
State government; creating the Oklahoma Foreign Agents Registration Act; prescribing requirements to register as a foreign agent; providing for enforcement. Effective date.
State government; creating the Oklahoma Foreign Agents Registration Act; prescribing requirements to register as a foreign agent; providing for enforcement. Effective date.
State government; creating the Oklahoma Foreign Agents Registration Act; prescribing requirements to register as a foreign agent; providing for enforcement. Effective date.
A bill for an act providing for the conversion of partnerships into other forms of domestic or foreign organizations, and providing for fees.(See SF 2363, SF 2468.)
A bill for an act providing for the conversion of partnerships into other forms of domestic or foreign organizations, and providing for fees.(Formerly SSB 3160; See SF 2468.)
Further prohibiting certain entities from acquiring an interest in agricultural land; providing for investigation by Attorney General and for responsibilities of purchaser and Attorney General; further providing for forfeiture of lands; providing for real estate auction; and further providing for definitions.