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

HB 1308 prohibits certain foreign entities (including those from countries under U.S. arms export controls or designated by the State Department) from owning non-agricultural real property in Oklahoma. It requires these entities to sell such property within two years if already owned and authorizes the Attorney General to sue for violations, leading to court-ordered sales if not divested. The bill defines "real property" as land not classified as agricultural (which includes farm/ranch land outside city limits), excluding mineral rights and small farms with low annual sales. Violations result in mandatory property sales, with proceeds going to lienholders before being distributed to the state.