Real property; prohibiting leasing or owning of real property by certain persons; requiring certain affidavit as an attachment to lease or deed; requiring reversion of leased land under certain circumstances. Effective date.
If this bill is enacted, it will significantly affect existing laws governing property ownership and leasing practices in Oklahoma. The legislation mandates that all non-citizens must divest themselves of real property ownership within six months of the bill's effective date. Any leases found to be in violation will not be eligible for renewal, and the rights to the property will revert back to the lessor upon lease expiration. The bill is set to come into force on November 1, 2025, which provides a timeline for compliance and legal adjustments.
Senate Bill 982 aims to regulate the ownership and leasing of real property within the state of Oklahoma. The bill prohibits any alien or non-citizen from owning or leasing real property directly or indirectly, with specific exceptions for entities engaged in regulated interstate commerce. This legislation introduces new compliance measures requiring an affidavit to be included with any lease or deed, verifying that the transaction adheres to these restrictions. The Attorney General will be responsible for creating the necessary forms for individuals and entities to ensure compliance.
While the proponents argue that the bill will protect state interests and ensure that property ownership is limited to citizens, it raises concerns from several quarters. Critics argue that these restrictions could violate property rights and create legal challenges surrounding the treatment of non-citizens. The provision allowing the Attorney General to enforce compliance through district court actions further emphasizes the bill's potential for contentious legal disputes. The legal landscape surrounding real estate transactions could be strained as a result of these new measures.