Section 66-2-306 - [Effective 1/1/2025] Violation of this part - Initiation of action - Notice of action - Escheatment to the state - Civil penalty - Liability limitations(a) A prohibited foreign-party-controlled business that holds an interest in non-agricultural land in this state on or after January 1, 2025, shall register the interest in such land with the secretary of state.(b) Registration pursuant to subsection (a) must be made: (1) In such form and manner as prescribed by the secretary of state; and(2) Within the later of sixty (60) days after: (B) The date the prohibited foreign-party-controlled business acquires the interest in non-agricultural land.(c) The secretary of state 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 a controlling interest in the prohibited foreign-party-controlled business that owns the interest in non-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-controlled business described in subdivision (c)(1), if specifically authorized to: (A) Purchase the non-agricultural land; or(B) Supervise the daily operations on the non-agricultural land;(3) A statement of the purpose for conducting business in this state;(4) A description of the purpose of the interest in non-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 non-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 secretary of state finds that a prohibited foreign-party-controlled business has acquired or holds title to or an interest in non-agricultural land in this state in violation of this part, then the secretary of state shall report the violation to the attorney general and reporter.(e) If the secretary of state finds that a prohibited foreign-party-controlled business violated this part by failing to timely register as required under this section, then the secretary of state 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.