HI HB280

Prohibits nonresident aliens from acquiring, owning, or holding interests in residential property constructed more than five years prior to purchase (threshold property), effective July 1, 2023.

Defines nonresident aliens as foreign nationals without U.S. citizenship or legal residency, businesses formed outside the U.S., businesses more than [percentage not specified] owned by nonresidents, and trusts with more than 20% of assets held for nonresidents.

Exempts properties acquired before July 1, 2023, properties acquired through inheritance or debt collection, mortgages and liens, and property acquired through foreclosure if conveyed to non-nonresidents within five years.

Allows Attorney General to file suit in circuit court to revert and escheat property held in violation of the law, with 90-day notice requirement to the owner before filing.

Requires State to compensate persons who lawfully acquire threshold property through foreclosure or debt collection if property is later eschwated, minus appraisal expenses.