Changes the laws regarding the foreign ownership of agricultural land

HB 1571 prohibits foreign businesses and aliens from acquiring or transferring agricultural land in the state starting August 28, 2024, to prevent foreign ownership from exceeding one percent of the state's total agricultural acreage. The bill requires the Department of Agriculture to review all proposed land transfers by foreign entities and mandates that any foreign business currently holding such land must sell their interests by August 28, 2029. While the law bars new acquisitions and transfers, it explicitly allows foreign businesses to divest their land for fair market value and does not invalidate existing security interests held by lenders. Additionally, the department is tasked with compiling a list of affected foreign landholders, notifying them of the divestment deadline, and reporting any failures to comply as violations.