Agricultural Foreign Investment Control Act of 1979

Summary

Agricultural Foreign Investment Control Act of 1979 - Prohibits the acquisition of any interest in United States agricultural land by any foreign person without a permit granted by the Secretary of Agriculture. Permits the Secretary to grant such a permit only after he determines that: (1) the foreign person (and each person holding a significant interest in it) holds or controls no other interest in United States agricultural land; (2) the land involved is no larger than a family farm unit; (3) all foreign persons holding or controlling interests in such land will, with the proposed acquisition, together hold or control less than a 50 percent share in its beneficial ownership and control; and (4) the acquisition will not increase the amount of foreign ownership or control of agricultural land in the county to a level incompatible with the best interests of the people of such county. Authorizes the Secretary to waive these requirements, on a case-by-case basis, if he determines that an acquisition is in the best interests of the people of the United States. Prohibits the sale of an interest in United States agricultural land to any foreign person without a permit. Prescribes a civil penalty for the violation of any provision of this Act or of any regulations promulgated by the Secretary to implement it.

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1 official file

• Introduced in Senate

  summary · EN · 23 January 1979

  Open at official source

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