Modifies conditions of foreign ownership of real estate

HB 2318 prohibits non-U.S. citizens, non-residents, and foreign corporations from buying or acquiring commercial real estate and agricultural land in the state starting August 28, 2024. The bill allows those who already owned such property before that date to keep it but bans them from selling or transferring it to other foreign entities. Additionally, the law forbids any foreign business from purchasing agricultural land if the total amount of foreign-owned farmland in the state exceeds one percent of the total acreage. The legislation also requires that any proposed transfer of agricultural land held by a foreign business be reviewed by the state Department of Agriculture to ensure compliance with these ownership limits.