To amend the Agricultural Foreign Investment Disclosure Act of 1978 to increase the minimum amount of a civil penalty imposed for violating such Act, and for other purposes.
Source: Congress.gov ·
218 words in original text
What This Bill Does
This bill changes the penalty rules for violating the Agricultural Foreign Investment Disclosure Act of 1978 (a federal law that requires certain people to report when they buy agricultural land in the United States). Specifically, the bill increases the minimum penalty amount that can be imposed on people who break this law.
Who It Affects
Foreign investors who purchase agricultural land in the United States and fail to properly disclose their purchases as required by law.
Key Provisions
• The minimum civil penalty (a fine) for violating the Agricultural Foreign Investment Disclosure Act must be at least 50 percent instead of not exceeding 25 percent (Sec. 1).
What Changes
If this bill becomes law, the minimum penalty amount for breaking the disclosure rules increases. The old rule allowed penalties of up to 25 percent. The new rule requires penalties to be at least 50 percent. This means penalties for violations will be larger.
Important Definitions
None defined in bill text.
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