If enacted, the bill will amend existing statutes related to property ownership. Notably, it will establish new regulations that explicitly restrict foreign adversaries from purchasing real property. Businesses that have their principal operations in countries deemed as adversaries will also be affected unless they meet specific criteria, such as having filed adequate documentation with the state seven years prior to the bill's effective date. The consequences for non-compliance include civil penalties and the potential divestment of property that is already owned.
Summary
House Bill 212, titled the Ohio Property Protection Act, seeks to prevent foreign adversaries and certain foreign-owned businesses from acquiring or owning real property in the state of Ohio. This legislation aims to address national security concerns by prohibiting transactions that may involve adversarial foreign entities. The bill introduces strict guidelines that define a 'foreign adversary' and outlines the obligations of local authorities in monitoring and enforcing these restrictions on real property ownership.
Contention
The introduction of HB212 has sparked debate regarding local control and the implications of national security measures on property rights. Supporters argue that it is a necessary step to protect Ohio's interests from potential foreign threats, while opponents express concern that such restrictions could damage legitimate investment opportunities and infringe on property rights. Critics also highlight the challenges of effectively identifying and categorizing foreign adversaries, which could lead to unintended consequences for law-abiding entities operating in Ohio.