Oklahoma Senate Bill SJR10

Oklahoma 2024 Regular Session

• Introduced: 2/6/23
• Refer: 2/7/23

Caption

Constitutional amendment; prohibiting certain ownership of land; decreasing allowable time period for disposition of certain property.

Impact

If passed, SJR10 would significantly modify existing legal frameworks regarding land ownership in Oklahoma, impacting various state laws governing real estate transactions. The proposed amendment implies that any land owned by non-citizen entities or individuals would have to be sold back to the state within a strict timeframe. This could generate increased scrutiny and review of property ownership titles, particularly in areas where foreign investments are concentrated, potentially leading to a decrease in such investments over time.

Summary

SJR10, a Joint Resolution introduced in the Oklahoma Legislature, proposes an amendment to Section 1 of Article XXII of the Oklahoma Constitution. This resolution aims to prohibit the ownership of land in Oklahoma by foreign citizens or by business entities and trusts owned by foreigners. Additionally, it seeks to decrease the allowable time period for individuals not holding U.S. citizenship to dispose of any acquired real estate from five years to one year. These changes are aimed at reinforcing local control and protecting the state's land from foreign investments.

Contention

Debate surrounding SJR10 may arise from concerns over property rights and the economic implications of limiting foreign investment in the state's real estate market. Proponents of the bill argue that it provides essential protections for local citizens and ensures land remains under the control of those residing within the state. However, opponents might contend that the measure could deter beneficial foreign investment, negatively affecting local economies and property values. Additionally, the bill includes exceptions for lawful resident foreigners and does not apply to lands currently owned by them, which may lead to discussions regarding fairness and equity in application.