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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 1497 By: McCall
COMMITTEE SUBSTITUTE
An Act relating to property; amending 60 O.S. 2011,
Section 122, which relates to exceptions to the
prohibition of alien ownership of land; prohibiting
property ownership by aliens from countries that ban
United States citizens from owning property in that
country; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 60 O.S. 2011, Section 122, is
amended to read as follows:
Section 122. This article shall not apply to lands now owned in
this state by aliens so long as they are held by the present owners,
nor to any alien who is or shall take up bona fide residence in this
state: and; provided, that any alien who is or shall become a bona
fide resident of the State of Oklahoma , or any lawfully recognized
business entity, the majority of the voting stock or equivalent
controlling equity interest of which is owned by one or more
resident aliens shall have the right to acquire and hold lands in
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this state upon the same terms as citizens of the State of Oklahoma
during the continuance of such bona fide residence of such alien in
this state: Provided, that if but only to the extent that the
country of the resident alien allows or restricts real property
ownership by citizens of the United States in that country in order
to achieve reciprocity. If any such resident alien shall cease to
be a bona fide inhabitant of this state, such alien shall have five
(5) years from the time he ceased to be such bona fide resident in
which to alienate such lands.
SECTION 2. This act shall become effective November 1, 2021.
COMMITTEE REPORT BY: COMMITTEE ON RULES, dated 03/01/2021 - DO PASS,
As Amended.