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Joint committees amend SB 242 to restrict foreign ownership of agricultural land and add enforcement provisions
Summary
Senate Bill 242, addressing foreign ownership of agricultural land, passed with amendments in a joint Judiciary and Ways and Means session. The committees added non-impairment-of-contract language and an enforcement amendment providing for reversion of consideration used in violating transactions.
Senate Bill 242, which would limit foreign entities’ ability to own, lease, or hold a controlling interest in agricultural land, passed with amendments during a joint Judiciary and Ways and Means committee decision-making session Oct. 14.
The committee adopted sponsor amendments that add non-impairment-of-contract language and revise the enforcement and penalty section so that consideration exchanged in a transaction that violates the statute would revert to the respective parties. "I'd…
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