SB0519 amends Tennessee law to require foreign persons to report agricultural land acquisitions to the Tennessee Commissioner of Agriculture.
SB0519 amends Tennessee Code to require foreign persons to report agricultural land acquisitions to the Tennessee Commissioner of Agriculture. This requirement mirrors the reporting obligations under the federal Agricultural Foreign Investment Disclosure Act. Failure to file the required report can result in a civil penalty of up to 25% of the fair market value of the acquired land. The commissioner can notify the attorney general and reporter of such failures, who may then impose the penalty and take legal action to collect it.
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