AN ACT relating to the acquisition and ownership of real property by a foreign principal.

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.

Introduced: February 6, 2025

Last action: February 12, 2025

To Judiciary (H)

Read the full text Kentucky Legislature LegiScan

AI-generated — always verify with primary sources

Plain-language summary

Beta

This bill would ban foreign principals, a term it defines, from owning real property in Kentucky, with some exceptions. Foreign principals who already own property before the law takes effect would be required to register that ownership with the Cabinet for Economic Development. The Attorney General would be authorized to investigate reports of violations and enforce the law, with penalties for those who do not comply. Who it may affect: individuals or entities classified as foreign principals who currently own or seek to own land or real estate in Kentucky.

Open official bill text (PDF)·Report a problem with the summary