AnalysisHouse Bill 238 restricts ownership of agricultural lands in Louisiana by foreign adversaries, defined as certain designated countries and any entities they control. It bars foreign adversaries and “prohibited foreign actors” (entities controlled by foreign adversaries) from directly or indirectly owning, acquiring, leasing, or obtaining any interest in agricultural land. There are exemptions, such as for foreign entities that have treaty rights to own U.S. land, or that acquire land as debt payment or collateral. The new law establishes penalties for violations, including civil fines, forced divestment of illegally acquired land, and court-ordered penalties, and outlines investigative and enforcement mechanisms for the Attorney General to identify violators. Part of the bill is the provision applicable to Notaries Public summarized under “Changes” above. The NNA believes this provision is very important. While Notaries in Louisiana have greater authority than do Notaries in other U.S. states, making Notaries responsible for investigating potential foreign adversaries is outside the scope of authority of even a Louisiana Notary.
House Bill 488, a broader "blockchain" regulatory bill, institutes the same provision as House Bill 238 with respect to cryptocurrency.
Read House Bill 238.