Nebraska LB476 amends the Foreign-owned Real Estate National Security Act to provide exemptions and harmonize provisions.
Nebraska LB476 amends the Foreign-owned Real Estate National Security Act to provide exemptions and harmonize provisions. The bill exempts certain property interests from divestment if acquired by authorized aliens or those who later cease to be nonresident aliens. It also allows a grace period for entities to voluntarily divest interests. The bill repeals original sections and outlines procedures for investigating and enforcing the act, including the appointment of a receiver and disbursement of proceeds from divestment.
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