Senate
File
2204
-
Enrolled
Senate
File
2204
AN
ACT
RELATING
TO
INTERESTS
IN
AGRICULTURAL
LAND
ACQUIRED
OR
HELD
BY
FOREIGN
BUSINESSES,
FOREIGN
GOVERNMENTS,
OR
NONRESIDENT
ALIENS,
OR
BY
AGENTS,
TRUSTEES,
OR
FIDUCIARIES
THEREOF,
BY
PROVIDING
FOR
REGISTRATION
AND
REPORTING
REQUIREMENTS,
PROVIDING
FOR
ENFORCEMENT,
AND
PROVIDING
PENALTIES.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
9I.1,
Code
2024,
is
amended
by
adding
the
following
new
subsections:
NEW
SUBSECTION
.
4A.
“Interest”
means
any
estate,
remainder,
or
reversion,
or
portion
of
the
estate,
remainder,
or
reversion,
or
an
option
pursuant
to
which
one
party
has
a
right
to
cause
legal
or
equitable
title
to
agricultural
land
to
be
transferred.
NEW
SUBSECTION
.
4B.
“Intermediary”
means
any
person,
including
a
bank,
broker,
or
dealer,
that
makes
business
or
financial
arrangements
between
companies
or
organizations
that
do
not
deal
with
each
other
directly.
NEW
SUBSECTION
.
6.
“Parent”
means
any
corporation
which
directly,
or
indirectly
through
one
or
more
intermediaries,
controls
more
than
fifty
percent
of
the
voting
stock
of
another
corporation.
Sec.
2.
Section
9I.7,
Code
2024,
is
amended
to
read
as
follows:
9I.7
Registration.
A
nonresident
alien,
foreign
business
,
or
foreign
Senate
File
2204,
p.
2
government,
or
an
agent,
trustee
,
or
fiduciary
thereof,
which
owns
an
interest
in
agricultural
land
within
this
state
on
or
after
January
1,
1980,
shall
register
the
agricultural
land
with
the
secretary
of
state.
The
registration
shall
be
made
within
sixty
days
after
January
1,
1980,
or
within
sixty
days
after
acquiring
the
land
or
the
interest
in
land,
whichever
time
is
the
later.
The
registration
shall
be
made
online
or
in
the
form
and
manner
prescribed
by
the
secretary
and
shall
contain
the
name
of
the
owner
and
the
location
and
number
of
acres
of
the
agricultural
land
by
township
and
county
of
state
.
If
the
owner
of
the
agricultural
land
or
owner
of
the
interest
in
agricultural
land
is
an
agent,
trustee
or
fiduciary
of
a
nonresident
alien,
foreign
business
or
foreign
government,
the
registration
shall
also
include
the
name
of
any
principal
for
whom
that
land,
or
interest
in
that
land
was
purchased
as
agent.
Information
described
in
this
section
is
a
confidential
record
and
subject
to
use
in
the
same
manner
as
provided
in
section
10B.5.
As
part
of
the
registration,
the
nonresident
alien,
foreign
business,
or
foreign
government,
or
an
agent,
trustee,
or
fiduciary
thereof,
shall
file
all
of
the
following
information:
1.
The
legal
name,
street
address,
mailing
address,
if
different,
and
the
birthplace
and
nationality
of
the
nonresident
alien,
foreign
business,
or
foreign
government
that
owns
the
interest
in
the
agricultural
land.
2.
The
legal
name,
street
address,
mailing
address,
if
different,
and
the
birthplace
and
nationality
of
the
agent,
trustee,
or
fiduciary
of
the
nonresident
alien,
foreign
business,
or
foreign
government
in
subsection
1,
if
specifically
authorized
to
do
any
of
the
following:
a.
Purchase
the
agricultural
land.
b.
Supervise
the
daily
operations
on
the
agricultural
land.
3.
A
statement
of
the
purpose
for
conducting
business
in
this
state.
4.
A
description
of
the
purpose
of
the
interest
in
the
agricultural
land
in
this
state
as
it
relates
to
the
stated
business
purpose
in
subsection
3.
5.
The
legal
name,
street
address,
and
mailing
address
of
any
parent
of
the
registering
party,
including
the
legal
Senate
File
2204,
p.
3
name,
street
address,
and
mailing
address
of
any
subsidiary
or
intermediary
of
the
parent.
6.
The
legal
name,
street
address,
and
mailing
address
of
any
subsidiary
of
the
registering
party.
7.
A
listing
of
all
other
interests
in
agricultural
land
that
are
held
directly
or
indirectly
by
the
registering
party,
parent
of
the
registering
party,
or
subsidiary
or
intermediary
of
the
parent
in
the
United
States
that
exceeds
two
hundred
fifty
acres.
Sec.
3.
Section
9I.10,
subsection
1,
Code
2024,
is
amended
to
read
as
follows:
1.
If
the
secretary
of
state
finds
that
a
nonresident
alien,
foreign
business,
foreign
government,
or
an
agent,
trustee,
or
other
fiduciary
thereof,
has
acquired
or
holds
title
to
or
interest
in
agricultural
land
in
this
state
in
violation
of
this
chapter
or
has
failed
to
timely
register
as
required
under
section
9I.7
or
has
failed
to
timely
report
as
required
under
section
9I.8
10B.4
,
the
secretary
shall
report
the
violation
to
the
attorney
general.
Sec.
4.
Section
9I.10,
Code
2024,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
4.
The
attorney
general
may
conduct
an
inquiry
or
investigation
regarding
a
violation
of
this
chapter
or
section
10B.4.
As
part
of
that
inquiry
or
investigation,
and
in
accordance
with
the
Iowa
rules
of
civil
procedure,
the
attorney
general
may
issue
a
subpoena
for
the
production
of
records,
including
but
not
limited
to
books,
accounts,
papers,
correspondence,
memoranda,
purchase
agreements,
files,
or
other
documents
in
a
print
or
electronic
format.
If
a
person
refuses
compliance,
the
attorney
general
may
seek
enforcement
by
the
district
court.
Sec.
5.
Section
9I.12,
Code
2024,
is
amended
to
read
as
follows:
9I.12
Penalty
——
failure
to
timely
file.
A
civil
penalty
of
not
more
than
two
thousand
dollars
to
exceed
twenty-five
percent
of
the
county’s
assessed
value
of
the
subject
agricultural
land
for
the
previous
year
shall
be
imposed,
for
each
offense,
upon
a
nonresident
alien,
foreign
business
,
or
foreign
government,
or
an
agent,
trustee
,
or
other
Senate
File
2204,
p.
4
fiduciary
thereof,
who
fails
to
timely
file
the
registration
as
required
by
section
9I.7
,
or
who
fails
to
timely
file
a
report
required
by
section
9I.8
.
Sec.
6.
Section
10B.4,
subsection
1,
Code
2024,
is
amended
to
read
as
follows:
1.
A
biennial
report
shall
be
filed
by
a
reporting
entity
with
the
secretary
of
state
on
or
before
March
31
of
each
odd-numbered
year
as
required
by
rules
adopted
by
the
secretary
of
state
pursuant
to
chapter
17A
.
However,
a
reporting
entity
required
to
file
a
biennial
report
pursuant
to
chapter
489
,
490
,
496C
,
497
,
498
,
499
,
501
,
501A
,
or
504
shall
file
the
report
required
by
this
section
in
the
same
year
as
required
by
that
chapter.
The
reporting
entity
may
file
the
report
required
by
this
section
together
with
the
biennial
report
required
to
be
filed
by
one
of
the
other
chapters
referred
to
in
this
subsection
.
The
reports
shall
be
filed
online
or
on
forms
prepared
and
supplied
by
the
secretary
of
state.
The
secretary
of
state
may
provide
for
combining
its
reporting
forms
with
other
biennial
reporting
forms
required
to
be
used
by
the
reporting
entities.
Sec.
7.
Section
10B.4,
subsection
2,
unnumbered
paragraph
1,
Code
2024,
is
amended
to
read
as
follows:
A
report
required
pursuant
to
this
section
shall
contain
information
for
the
reporting
period
regarding
the
reporting
entity
as
required
by
the
secretary
of
state
which
shall
at
least
include
any
updates
to
the
information
provided
in
the
registration
to
the
secretary
of
state
in
section
9I.7
and
all
of
the
following:
Sec.
8.
Section
10B.4,
Code
2024,
is
amended
by
adding
the
following
new
subsection:
NEW
SUBSECTION
.
4.
The
attorney
general
may
conduct
an
inquiry
or
investigation
regarding
a
violation
of
this
section
as
provided
in
section
9I.10.
Sec.
9.
Section
10B.4A,
Code
2024,
is
amended
to
read
as
follows:
10B.4A
Suspension
of
other
filing
requirements.
The
secretary
of
state
shall
not
prepare
or
distribute
forms
for
reports
or
file
reports
otherwise
required
pursuant
to
section
9I.8
or
501.103
.
A
person
required
to
file
a
report
Senate
File
2204,
p.
5
pursuant
to
this
chapter
is
not
required
to
file
a
report
under
those
sections
section
501.103
.
A
person
required
to
file
a
report
pursuant
to
this
chapter
is
not
required
to
register
with
the
secretary
of
state
as
otherwise
required
in
section
9I.7
.
Sec.
10.
NEW
SECTION
.
10B.5A
Annual
summary
to
governor
and
general
assembly.
The
secretary
of
state
shall
prepare
an
annual
summary
of
foreign
landholding.
The
summary
must
be
a
report
summarizing
the
compiled
information
included
in
the
current
registrations
filed
pursuant
to
section
9I.7
and
the
last
reports
filed
pursuant
to
section
10B.4.
The
information
is
a
confidential
record
as
provided
in
section
22.7.
The
attorney
general
may
have
access
to
the
annual
summary
and
may
use
information
in
the
annual
summary
in
any
action
to
enforce
state
law,
including
but
not
limited
to
chapters
9H
and
9I,
and
this
chapter.
The
annual
summary
shall
be
made
available
to
the
governor,
members
of
the
general
assembly,
and
appropriate
committees
of
the
general
assembly
in
order
to
determine
the
extent
that
agricultural
land
is
held
in
this
state
by
foreign
entities
and
the
effect
of
such
land
ownership
upon
the
economy
of
this
state.
Upon
request,
the
secretary
of
state
shall
assist
any
committee
of
the
general
assembly
studying
these
issues.
Sec.
11.
Section
10B.6,
subsection
1,
Code
2024,
is
amended
to
read
as
follows:
1.
a.
The
Except
as
provided
in
paragraph
“b”
,
the
failure
to
timely
file
a
report
or
the
filing
of
false
information
in
a
report
as
provided
in
section
10B.4
is
punishable
by
a
civil
penalty
not
to
exceed
one
thousand
dollars.
b.
The
failure
to
file
a
report
or
the
filing
of
false
information
in
a
report
by
a
nonresident
alien,
foreign
business,
or
foreign
government,
or
an
agent,
trustee,
or
other
fiduciary
thereof
as
provided
in
section
10B.4
is
punishable
by
a
civil
penalty
of
up
to
ten
thousand
dollars
for
each
offense.
Sec.
12.
REPEAL.
Section
9I.8,
Code
2024,
is
repealed.
Sec.
13.
REGISTRATION
REQUIREMENT.
A
nonresident
alien,
foreign
business,
or
foreign
government,
or
an
agent,
trustee,
or
fiduciary
thereof,
that
currently
owns
an
interest
in
Senate
File
2204,
p.
6
agricultural
land
must
update
their
registration
with
the
secretary
of
state’s
office
to
comply
with
the
requirements
of
section
9I.7,
as
amended
by
this
Act,
within
one
hundred
eighty
days
of
the
effective
date
of
this
Act.
______________________________
AMY
SINCLAIR
President
of
the
Senate
______________________________
PAT
GRASSLEY
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2204,
Ninetieth
General
Assembly.
______________________________
W.
CHARLES
SMITHSON
Secretary
of
the
Senate
Approved
_______________,
2024
______________________________
KIM
REYNOLDS
Governor