Section 66-2-304 - [Effective 1/1/2025] Divesting of right, title, and interest upon status change(a) A prohibited foreign party or prohibited foreign-party-controlled business that holds an interest in agricultural land in this state on or after January 1, 2025, shall register the interest in such land with the commissioner of agriculture.(b) Registration pursuant to subsection (a) must be made: (1) In such form and manner as prescribed by the commissioner of agriculture; and(2) Within the later of sixty (60) days after: (B) The date the prohibited foreign party or prohibited foreign-party-controlled business acquires the interest in agricultural land.(c) The commissioner of agriculture shall require that registration pursuant to this section includes:(1) The legal name, street address, mailing address, if different, and the birthplace and nationality of the prohibited foreign party that owns the interest in agricultural land or that owns a controlling interest in the prohibited foreign-party-controlled business that owns the interest in 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 prohibited foreign party or prohibited foreign-party-controlled business described in subdivision (c)(1), if specifically authorized to: (A) Purchase the agricultural land; or(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 agricultural land in this state as it relates to the stated business purpose of subdivision (c)(3);(5) The legal name, street address, and mailing address of any parent of the registering party, including the legal 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; and(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, in the aggregate, two hundred fifty (250) acres.(d) If the commissioner of agriculture finds that a prohibited foreign party or prohibited foreign-party-controlled business has acquired or holds title to or an interest in agricultural land in this state in violation of this part, then the commissioner of agriculture shall report the violation to the attorney general and reporter.(e) If the commissioner of agriculture finds that a prohibited foreign party or prohibited foreign-party-controlled business violated this part by failing to timely register as required under this section, then the commissioner of agriculture shall assess a civil penalty not to exceed two thousand dollars ($2,000) for each violation.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.