HB 393
AN ACT relating to the acquisition and ownership of real property by a foreign principal.
In Plain Language
This bill would ban foreign principals from buying real property in Kentucky, with some exceptions. Foreign owners who already own property before the law takes effect would have to register with the state's economic development agency. People can report violations to the state Attorney General, who would investigate and can enforce penalties against those who break the rules.
Official summary
Create a new section of KRS Chapter 381, relating to real property, to define terms; prohibit foreign principals from owning real property in the Commonwealth of Kentucky; provide exceptions; require foreign principals to register any ownership interest acquired before the effective date of this Act with the Cabinet for Economic Development; allow persons to report evidence of noncompliance to the Office of the Attorney General; require the Office of the Attorney General to investigate the evidence; allow the Office of the Attorney General to enforce provisions; establish penalties for violations; amend KRS 381.320 to conform.
Sponsor
—
Cosponsors
None listed
Latest action
to Judiciary (H)
Feb 12, 2025
Official source
Action history
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