Section 66-2-302 - [Effective 1/1/2025] Sanctioned individuals or entities prohibited from purchase of real property - Applicability of prohibition - Prohibition on transfer of title or interestAs used in this part:
(1) "Agricultural land":(A) Means land in this state that is outside the corporate limits of a municipality and is:(i) Used for forestry production, including, without limitation, land exceeding ten (10) acres in which ten percent (10%) or more of the land is stocked by trees of any size, including land that formerly had trees of any size covering the land that will be naturally or artificially regenerated; or(ii) Currently used for, or, if currently idle, land last used within the past five (5) years, for farming, ranching, or timber production, except land not exceeding ten (10) acres in the aggregate, if the annual gross receipts from the sale of the farm, ranch, or timber products produced on the land do not exceed one thousand dollars ($1,000), including, without limitation, land used by persons and entities for activities regulated under title 70; and(B) Does not include oil, gas, and all other minerals, including coal, lignite, brine, and all minerals known and recognized as commercial minerals underlying the land;(2) "Controlling interest" means an ownership interest of fifty percent (50%) or more, in the aggregate;(3) "Entity of particular concern": (A) Means an entity designated by the United States department of state as an entity of particular concern; and(B) Includes Al-Shabaab, Boko Haram, Hayat Tahrir al-Sham, the Houthis, ISIS, ISIS-Sahel (formerly known as ISIS-Greater Sahara), IS1S-West Africa, Jamaat Nasr al-lslam wal Muslimin, the Taliban, and the Wagner Group based on its actions in the Central African Republic;(4) "Foreign government" means a government other than the federal government of the United States or a government or political subdivision of a state, federal district, or territory of the United States;(5) "Interest in agricultural land": (A) Means a direct interest acquired, transferred, or held in agricultural land; and(B) Includes a lease of agricultural land:(i) For a term of one (1) year or longer; or(ii) Renewable by option for terms which, if the options were all exercised, would total one (1) year or longer;(6) "Interest in non-agricultural land": (A) Means a direct interest acquired, transferred, or held in non-agricultural land; and(B) Includes a lease of non-agricultural land: (i) For a term of one (1) year or longer; or(ii) Renewable by option for terms which, if the options were all exercised, would total one (1) year or longer;(7) "Non-agricultural land" means all public or private land in this state other than agricultural land;(8) "Party" means a person, corporation, company, association, firm, partnership, society, joint-stock company, trust, estate, or other legal entity;(9) "Prohibited foreign party":(A) Means: (i) A citizen or resident of a country subject to international traffic in arms regulations under 22 C.F.R. § 126.1;(ii) A foreign government formed within a country subject to international traffic in arms regulations under 22 C.F.R. § 126.1;(iii) A party other than an individual or a government that is created or organized under the laws of a foreign government within a country subject to international traffic in arms regulations under 22 C.F.R. § 126.1; or(iv) A party other than an individual or a government: (a) That is created or organized under the laws of a state, federal district, or territory of the United States; and(b) In which a significant interest or substantial control is directly or indirectly held or is capable of being exercised by: (1) An individual referred to in subdivision (9)(A)(i):(2) A foreign government referred to in subdivision (9)(A)(ii);(3) A party referred to in subdivision (9)(A)(iii); or(4) A combination of the individuals, parties, or governments referred to in this subdivision (9)(A)(iv)(b);(v) An entity of particular concern; or(vi) An agent, trustee, or other fiduciary of a person or entity enumerated in subdivisions (9)(A)(i)-(v); and(B) Does not mean a resident alien;(10) "Prohibited foreign-party-controlled business" means a corporation, company, association, firm, partnership, society, joint-stock company, trust, estate, or other legal entity whose controlling interest is owned by a prohibited foreign party;(11) "Residence" means a person's principal dwelling place where the person intends to remain permanently for an indefinite period of time;(12) "Resident alien" means a person who: (A) Is not a citizen of the United States; and(B) Is a resident of a:(i) State of the United States;(ii) Federal district of the United States;(iii) Territory of the United States;(iv) Possession of the United States;(v) Trusteeship of the United States; or(vi) Protectorate of the United States; and(13) "Significant interest" or "substantial control" means: (A) An interest of thirty-three percent (33%) or more held by: (i) An individual referred to in subdivision (9)(A)(i);(ii) A single government referred to in subdivision (9)(A)(ii);(iii) A party referred to in subdivision (9)(A)(iii);(iv) A party referred to in subdivision (9)(A)(iv); or(v) An entity of particular concern;(B) An interest of thirty-three percent (33%) or more, in the aggregate, held whenever the individuals, parties, or governments referred to in subdivision (9) are acting in concert with respect to the interest even though no single individual, party, or government holds an interest of thirty-three percent (33%) or more; or(C) An interest of fifty percent (50%) or more, in the aggregate, held by individuals, parties, or governments referred to in subdivision (9) even though the individuals, parties, or governments may not be acting in concert.Amended by 2024 Tenn. Acts, ch. 995,s 1, eff. 1/1/2025.Added by 2023 Tenn. Acts, ch. 369, s 3, eff. 7/1/2023.This section is set out more than once due to postponed, multiple, or conflicting amendments.