Foreign ownership of property; defining terms; prohibiting real property ownership by certain parties; repealer; codification; effective date.

HB 1308 prohibits "prohibited foreign parties" - including certain foreign governments, entities from countries under U.S. arms regulations, and entities controlled by those groups - from acquiring or holding real property (non-agricultural land) in Oklahoma. Existing owners must divest within two years; if they fail, the Oklahoma Attorney General can sue to force a court-ordered sale, with proceeds going to lienholders. The law does not apply to agricultural land (defined as land used for farming, ranching, or forestry) or certain exemptions. It directly affects foreign entities meeting the bill’s specific definitions, not all foreign owners.