Michigan Senate Bill SB0270

Michigan 2023-2024 Regular Session

• Introduced: 4/19/23
• Refer: 4/19/23

Caption

Property: land sales; sale or transfer of agricultural assets or land to foreign entities; prohibit. Amends title & secs. 35 & 36 of 1846 RS 66 (MCL 554.135 & 554.136) & adds secs. 36a & 36b.

Impact

The bill effectively restricts any foreign entity from owning, purchasing, or leasing agricultural land, aiming to safeguard local interests amidst growing apprehension about foreign entities gaining control over vital resources. Current foreign owners of agricultural land would not be forced to divest but must refrain from acquiring additional properties. They are also mandated to register their holdings within a specified timeframe to ensure transparency and compliance with the new regulations.

Summary

Senate Bill No. 270 seeks to amend existing legislation concerning property ownership by prohibiting foreign individuals, businesses, and governments from acquiring agricultural land in Michigan. Specifically, the bill introduces amendments to sections relating to estates and provisions governing real estate transactions. This change is rooted in concerns regarding national security and the potential negative impact foreign ownership might have on local communities and agriculture in the state.

Contention

Notably, this legislation has sparked debate among stakeholders regarding the implications for property rights and local economic development. Supporters argue that the bill is essential for protecting Michigan's agricultural industry and ensuring local control over valuable lands. Conversely, some critics contend that the regulation could have unintended consequences, limiting investments in the agricultural sector and potential benefits that come from foreign ownership and funding.