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AL HB68
Bill
Status
2/4/2025
Primary Sponsor
Scott Stadthagen
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AI Summary
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Expands the definition of "foreign principal" to include individuals and companies identified on any U.S. Department of the Treasury's Office of Foreign Assets Control sanctions list.
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Prohibits foreign principals from acquiring leasehold interests in agricultural, forest, and real property in Alabama, effective August 1, 2025.
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Clarifies that restrictions on acquiring agricultural and forest property and real property apply specifically to property within the state.
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Maintains existing prohibitions on foreign principals acquiring title to or controlling interests in agricultural and forest property and real property on or within 10 miles of military installations or critical infrastructure facilities.
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Provides that title insurers, title agents, real estate licensees, and settlement providers are not liable for violations of the acquisition prohibitions.
Legislative Description
Leasehold interests added to prohibition against acquisition of ownership interests by certain individuals, governments, political parties in agricultural, forest and other real property; adds companies, individuals on U.S. Treasury sanctions lists to sanctions list prohibition; specifies overall pertinence to property in the state
Property & Estates
Last Action
Currently Indefinitely Postponed
5/6/2025