(a)As used in this section:
(1)"Controlling interest" means an ownership interest of fifty percent (50%) or more, in the aggregate;
(2)"Prohibited foreign party" means the same as in § 18-11-802 ; and (3) "Prohibited foreign-party-controlled business" means a corporation, company, association, firm, partnership, society, joint-stock company, trust, estate, or other legal entity whose controlling interest is owned by a prohibited foreign party.
(b)(1) A prohibited foreign-party-controlled business shall not acquire by grant, purchase, devise, descent, or otherwise any interest in public or private land in this state.
(2)A party may not hold public or private land as an agent, trustee, or other fiduciary for a prohibited foreign-party-controlled business in violation of this section. (c
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(a) As used in this section: (1) "Controlling interest" means an ownership interest of fifty percent (50%) or more, in the aggregate; (2) "Prohibited foreign party" means the same as in § 18-11-802 ; and (3) "Prohibited foreign-party-controlled business" means a corporation, company, association, firm, partnership, society, joint-stock company, trust, estate, or other legal entity whose controlling interest is owned by a prohibited foreign party. (b) (1) A prohibited foreign-party-controlled business shall not acquire by grant, purchase, devise, descent, or otherwise any interest in public or private land in this state. (2) A party may not hold public or private land as an agent, trustee, or other fiduciary for a prohibited foreign-party-controlled business in violation of this section. (c) (1) A prohibited foreign-party-controlled business entity in violation of this section shall have two (2) years to divest of the public or private land. (2) If a prohibited foreign-party-controlled business entity does not divest the public or private land as required by subdivision (c)(1) of this section, the Attorney General shall commence an action in the circuit court within the jurisdiction of the public or private land. (3) (A) If the public or private land is held in violation of this section, the circuit court shall order that the public or private land be sold through judicial foreclosure. (B) Proceeds of the sale shall be disbursed to lien holders, in the order of priority, except for liens which under the terms of the sale are to remain on the public or private land. (4) The Attorney General shall promptly record a copy of the following in the local land records: (A) Upon commencement, notice of the pendency of an action brought under subdivision (c)(2) of this section; and (B) The order for the sale of the public or private land under subdivision (c)(3)(A) of this section. (d) A prohibited foreign-party-controlled business entity shall upon conviction be guilty of a felony punishable by not more than two (2) years' imprisonment in the custody of the Division of Correction or a fine of fifteen thousand dollars ($15,000), or both. (e) It is an affirmative defense to prosecution under this section that a prohibited foreign-party-controlled business entity is a resident alien of the State of Arkansas. (f) Title to public or private land is not invalid or subject to divestiture due to a violation of this section by: (1) Any former owner; or (2) Another person holding or owning a former interest in the public or private land. (g) No person not subject to this section shall be required to determine or inquire into whether another person is or may be subject to this section.