§ 2-3-111 — Reporting requirement

(a) Beginning October 1, 2021, a foreign person required to make a report to the United States Department of Agriculture under the Agricultural Foreign Investment Disclosure Act, 7 U.S.C. § 3501 et seq., shall also file a copy of the required report with the Secretary of the Department of Agriculture within the time period required under the federal law. (b) The Attorney General: (1) Shall impose a civil penalty not to exceed twenty-five percent (25%) of the fair market value, on the date of the assessment of the penalty, of the interest in the agricultural land for failure to file a copy of the report with the Secretary of the Department of Agriculture as required under subsection (a) of this section; and (2) May bring an action to collect the civil penalty in the Pulaski County Circuit Court or in the circuit court of any county in which any portion of the agricultural land acquired is located. (c) Sections 2-3-101 - 2-3-110 are suspended while the Agricultural Foreign Investment Disclosure Act, 7 U.S.C. § 3501 et seq., is in effect. (d) This section shall expire upon the repeal of the Agricultural Foreign Investment Disclosure Act, 7 U.S.C. § 3501 et seq.

Legislative History

Added by Act 2021, No. 1046,§ 1, eff. 7/28/2021.