On Mar. 25, KNY LEG enacted bill on land purchase by foreigners.
KNY LEG enacted House bill HB 315 relating to the acquisition of agricultural land.
Amends KNY LEG 247 by adding new section relating to agricultural land purchase.
Bill Provisions
Prohibits nonresident alien, foreign business, agent, those associated with government of countries listed in 22 CFR 126.1 from purchasing, leasing agricultural land in KNY.
Also, prohibits participation in programs administered by the Department of Agriculture, Agricultural Development Board, Kentucky Agricultural Finance Corporation
Allow nonresident alien, foreign business, agent, others to own, purchase, hold, or develop land for nonagricultural use provided development is completed within 5 years
Requires report under Agricultural foreign investment disclosure act (7 USC 66) be filed with Department of Agriculture, Department to report evidence of noncompliance.
Office of the Attorney General required to investigate the evidence of noncompliance.
Agricultural land found in violation to be escheated to the State and be subject to judicial foreclosure, sets the requirements for disbursement of proceeds of the sale.
Existing foreign business allowed to purchase adjacent land to expand operations.
Legislative History
On Feb. 5, 2025, bill was introduced in House; on Feb. 28, 2025, bill passed House.
On Mar. 4, 2025, bill was introduced in Senate; on Mar. 14, 2025, bill passed Senate.
On Mar. 25, 2025, bill was signed into law by the governor and assigned Chapter 84.
Effectiveness
Effective 90 days after official end of session, expected end Mar. 28; so Jun. 26, 2025.
Regulators
KNY LEG
Entity Types
Corp
Reference
Ch. 84, Bill HB315, 3/25/2025; Citation: 7 USC 66; 22 CFR 126.1; KNY LEG 247;
