RELATING TO OWNERSHIP OF AGRICULTURAL LAND.
What changed between versions
Added new definitions for 'exempt entity', 'prohibited entity', and 'resident' to clarify who is subject to restrictions.
Added exemptions for entities where majority ownership consists of Hawaii residents actively engaged in farming, with limits on the number of shareholders.
Established a five-year transition period for prohibited entities to divest agricultural land or restructure operations to meet exemption criteria.
Added enforcement provisions requiring the Department of Agriculture to oversee divestiture and adopt rules for compliance, with fines of at least $50,000 per year for violations.
Added annual reporting requirements for exempt entities to demonstrate continued compliance with the chapter.
Removed original page headers and formatting elements, replacing them with proposed amendment markup.