Section 66-2-305 - [Effective 1/1/2025] Prohibited foreign party businesses prohibited from acquiring or devising non-agricultural land - Penalties(a)(1) A prohibited foreign-party-controlled business shall not acquire by grant, purchase, devise, descent, or otherwise an interest in non-agricultural land in this state.(2) A party shall not hold an interest in non-agricultural land as an agent, trustee, or other fiduciary for a prohibited foreign-party-controlled business.(3) A prohibited foreign-party-controlled business that acquires non-agricultural land in violation of this section remains in violation as long as the prohibited foreign-party-controlled business holds an interest in the non-agricultural land.(b)(1) A prohibited foreign-party-controlled business in violation of this section shall divest itself of the interest in non-agricultural land within two (2) years of the date the entity is found to be in violation.(2) If a prohibited foreign-party-controlled business does not divest itself of the interest in non-agricultural land as prescribed in subdivision (b)(1), then the attorney general and reporter may commence an action pursuant to § 66-2-307.(c) A violation of this section is a Class A misdemeanor, punishable by a fine of one thousand five hundred dollars ($1,500) or confinement for not more than eleven (11) months and twenty-nine (29) days, or both.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.