SB295 - Foreign adversaries; restrictions, civil penalty.

1 Co-Sponsor

Foreign adversaries; restrictions; civil penalty. Restricts any foreign adversary or foreign business, as those terms are defined in the bill, from acquiring any interest in land in the Commonwealth and requires registration with the Secretary of the Commonwealth. The bill requires the Secretary to report annually by December 1 on the registrations and any penalties assessed for failure to register and to submit such report to the Governor and the General Assembly. The bill restricts foreign entities governed by a foreign adversary from transacting business in, forming an entity in, or becoming an entity of the Commonwealth. The bill also requires all real property tax bills to contain notice of such foreign property ownership restrictions and registration requirements.