HI HB280

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

Defines "nonresident alien" to include foreign nationals, businesses formed outside the U.S., businesses with more than a specified percentage of stock held by foreign nationals, and trusts with more than 20% of assets held for nonresident aliens.

Exempts properties acquired before July 1, 2023 and allows nonresident aliens to acquire residential property through inheritance, debt collection, liens, mortgages, or foreclosure, provided threshold property acquired through these means is conveyed to non-nonresident aliens within five years.

Authorizes the Attorney General to file suit in circuit court to revert and escheat threshold property held in violation of the law after providing 90 days' written notice to the property owner.

Requires the State to compensate nonresident aliens who acquired threshold property through foreclosure or debt collection if escrowed, minus appraisal expenses.