AR SB383

Amends Arkansas law to prohibit "prohibited foreign-party-controlled businesses" (entities with 50% or more foreign ownership) from acquiring or holding any interest in public or private land in Arkansas, with a 2-year divestment period before Attorney General can commence judicial foreclosure proceedings.

Creates new restrictions on foreign ownership of agricultural land by "prohibited foreign parties," defined broadly to include citizens/residents of countries subject to International Traffic in Arms Regulations, foreign governments, and entities with 33% or more control by such parties, with specific exceptions for resident aliens.

Establishes Office of Agricultural Intelligence within the Department of Agriculture to collect information on unlawful agricultural land sales/possession by prohibited foreign parties and report violations to the Attorney General.

Authorizes Attorney General to issue subpoenas and commence civil actions to enforce restrictions, with circuit courts ordering judicial foreclosure and sale of land held in violation, with proceeds disbursed to lien holders by priority order.

Imposes felony penalties of up to 2 years imprisonment or $15,000 fine (or both) for violations, with affirmative defense available for resident aliens; provides that title to land remains valid despite violations by former owners.