On/after Jul. 1, 2025, Foreign principals cannot acquire interests in real estate located within 100 miles of military installation, except a de minimis interest in real property.
State agencies and local government also cannot purchase drones or critical components of drones from foreign principals or manufactured in countries of concern.
Foreign principals cannot receive benefits from economic development programs.
Secretary of state will provide notice of the registration requirement for foreign principals to business entities and nonprofit organizations at the time of registration.
A foreign principal that fails to file the required registration or directly or indirectly acquires any interest in real property shall divest such interest in such real property.
Any foreign principal that owns interest in real property on Jul. 1, 2025, and fails to file required registration will receive a warning from the AG of its registration obligations.
If the principal fails to file such registration within such 30-day period, they will divest such interest in such real property; and provisions shall expire on Jun. 30, 2028.
Foreign principal may enter into an agreement with the AG to divest foreign principal's interest in real property not more than 360 days from entering into such agreement.
No foreign principal shall receive direct benefit re any economic development program.
Additionally, any person may report information concerning non-notified transactions in such form and manner as prescribed by attorney general, who will prepare a report.
KNS State University will also create report on status/trends of foreign land holdings.
The bill also outlined the conduct as well as the offenses that will give rise to forfeiture.
Legislative History
On Jan. 15, 2025, bill introduced in Senate; on Feb. 6, 2025, bill passed in Senate.
On Feb. 7, 2025, bill introduced in House; on Mar. 7, 2025, bill was passed in House.
On Mar. 31, 2025, bill sent to governor; on Apr. 7, 2025, bill approved by governor.
Effectiveness
Act takes effect and is in force from/after publication in statute book, i.e. Jul. 1, 2025.
Regulators
KNS LEG
Entity Types
CNSM; Corp; IA
Reference
Bill SB9, 4/7/2025; Citation: *KNS LEG* 60-4104, 60-4106;
Functions
Compliance; Financial; Legal; Record Retention; Registration/Licensing; Reporting; Research
