Senate File 2402 S-5229 Amend Senate File 2402 as follows: 1 1. Page 36, after line 25 by inserting: 2 < DIVISION ___ 3 LANDHOLDINGS 4 Sec. ___. Section 9I.7, unnumbered paragraph 1, Code 2026, 5 is amended to read as follows: 6 A nonresident alien, foreign business, or foreign 7 government, or an agent, trustee, or fiduciary thereof, which 8 owns an interest in agricultural land within this state on or 9 after January 1, 1980, shall register the agricultural land 10 with the secretary of state. The registration shall be made 11 within sixty days after January 1, 1980, or within sixty days 12 after acquiring the land or the interest in land, whichever is 13 later. The registration shall be made online or in the form 14 and manner prescribed by the secretary of state. Information 15 described in this section is a confidential record and subject 16 to use in the same manner as provided in section 10B.5. As part 17 of the registration, the nonresident alien, foreign business, 18 or foreign government, or an agent, trustee, or fiduciary 19 thereof, shall file all of the following information: 20 Sec. ___. Section 10B.1, Code 2026, is amended by adding the 21 following new subsections: 22 NEW SUBSECTION . 1A. a. “Business entity” means a person, 23 formed under the statutes of this state or another jurisdiction 24 for purposes of engaging in a commercial activity on a profit, 25 cooperative, or not-for-profit basis, including but not 26 limited to a corporation or entity taxed as a corporation 27 under the Internal Revenue Code, nonprofit corporation, 28 cooperative or cooperative association, partnership, limited 29 partnership, limited liability company, limited liability 30 partnership, investment company, joint stock company, joint 31 stock association, or trust, including but not limited to a 32 business trust. 33 b. “Business entity” does not include a family farm 34 corporation, family farm limited liability company, family 35 -1- SF 2402.3925 (1) 91 (amending this SF 2402 to CONFORM to HF 2678) da/jh 1/ 4 #1.

trust, revocable trust, testamentary trust, or family farm 1 unincorporated nonprofit association, each as defined in 2 section 9H.1. 3 NEW SUBSECTION . 10A. “Out-of-state business entity” means 4 a business entity formed under the statutes of any of the 5 following: 6 a. A state of the United States, other than Iowa. 7 b. A territory of the United States. 8 NEW SUBSECTION . 10B. “Out-of-state individual” means an 9 individual who is domiciled in any of the following: 10 a. A state of the United States, other than Iowa. 11 b. A territory of the United States. 12 Sec. ___. Section 10B.1, subsection 11, Code 2026, is 13 amended by adding the following new paragraphs: 14 NEW PARAGRAPH . 0f. An out-of-state business entity holding 15 an interest in agricultural land in this state, including a 16 general partnership in which a partner is domiciled in another 17 state, or territory, of the United States. 18 NEW PARAGRAPH . 00f. An out-of-state individual holding an 19 interest in agricultural land in this state. 20 Sec. ___. Section 10B.3, Code 2026, is amended by adding the 21 following new subsection: 22 NEW SUBSECTION . 5A. A person not described in this section 23 who is an authorized representative of an out-of-state business 24 entity or an out-of-state individual. 25 Sec. ___. Section 10B.4, subsection 2, Code 2026, is amended 26 by adding the following new paragraph: 27 NEW PARAGRAPH . 0b. If the reporting entity is a general 28 partnership, the name of and address of each partner who 29 resides in another state, or territory, of the United States. 30 Sec. ___. Section 10B.5, subsection 2, Code 2026, is amended 31 to read as follows: 32 2. a. Information Except as provided in reports paragraph 33 “b” and section 10B.5A, a report required in to be filed under 34 this chapter is a confidential record as provided in section 35 -2- SF 2402.3925 (1) 91 (amending this SF 2402 to CONFORM to HF 2678) da/jh 2/ 4

22.7 . The attorney general may have access to the reports, and 1 may use information in the reports in any action to enforce 2 state law, including but not limited to chapters 9H and 9I . 3 The reports shall be made available to members of the general 4 assembly and appropriate committees of the general assembly 5 in order to determine the extent that agricultural land is 6 held in this state by corporations and other business and 7 foreign entities and the effect of such land ownership upon the 8 economy of this state. The secretary of state shall assist any 9 committee of the general assembly studying these issues. 10 b. A report filed under this chapter is not a confidential 11 record if the reporting entity is any of the following: 12 (1) A foreign business, foreign government, or nonresident 13 alien. 14 (2) An out-of-state business entity or an out-of-state 15 individual. 16 Sec. ___. Section 10B.5A, Code 2026, is amended to read as 17 follows: 18 10B.5A Annual summary to governor and general assembly. 19 1. The secretary of state shall prepare an annual summary of 20 foreign and out-of-state agricultural landholding. 21 2. a. The summary must be include a report summarizing 22 the compiled information for agricultural landholdings by 23 foreign businesses, foreign governments, and nonresident aliens 24 included in the current registrations filed pursuant to section 25 9I.7 and the last reports filed pursuant to section 10B.4 . 26 b. The summary must include a report summarizing the 27 compiled information for agricultural landholding by 28 out-of-state business entities and out-of-state individuals 29 included in the last reports filed pursuant to section 10B.4. 30 3. The information described in subsection 2, is not a 31 confidential record as provided in section 22.7 . The attorney 32 general may have access to the annual summary and may use 33 information in the annual summary in any action to enforce 34 state law, including but not limited to chapters 9H and 9I , and 35 -3- SF 2402.3925 (1) 91 (amending this SF 2402 to CONFORM to HF 2678) da/jh 3/ 4

this chapter . The annual summary shall be made available to 1 the governor, members of the general assembly, and appropriate 2 committees of the general assembly in order to determine the 3 extent that agricultural land is held in this state by foreign 4 entities and the effect of such land ownership upon the economy 5 of this state. Upon request, the secretary of state shall 6 assist any committee of the general assembly studying these 7 issues. > 8 2. Title page, by striking lines 1 through 5 and inserting 9 < An Act providing for certain persons acting under the 10 jurisdiction of the secretary of state, including by providing 11 for information from required filings, and the administrative 12 dissolution of certain entities, and making penalties 13 applicable. > 14 3. By renumbering as necessary. 15 ______________________________ CHERIELYNN WESTRICH -4- SF 2402.3925 (1) 91 (amending this SF 2402 to CONFORM to HF 2678) da/jh 4/ 4 #2. #3.