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7 U.S.C. § 3501 — Reporting requirements

submitted 48 years ago by Pub. L. 95-460 to r/title-7-AGRICULTURE · 1,095 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(a) Acquisitions or transfers of certain agricultural land interests by foreign persons

Any foreign person who acquires or transfers any interest, other than a security interest, in agricultural land shall submit a report to the Secretary of Agriculture not later than 90 days after the date of such acquisition or transfer. Such report shall be submitted in such form and in accordance with such procedures as the Secretary may require and shall contain—

(1)

the legal name and the address of such foreign person;

(2)

in any case in which such foreign person is an individual, the citizenship of such foreign person;

(3)

in any case in which such foreign person is not an individual or a government, the nature of the legal entity holding the interest, the country in which such foreign person is created or organized, and the principal place of business of such foreign person;

(4)

the type of interest in agricultural land which such foreign person acquired or transferred;

(5)

the legal description and acreage of such agricultural land;

(6)

the purchase price paid for, or any other consideration given for, such interest;

(7)

in any case in which such foreign person transfers such interest, the legal name and the address of the person to whom such interest is transferred and—

(A)

in any case in which such transferee is an individual, the citizenship of such transferee; and

(B)

in any case in which such transferee is not an individual or a government, the nature of the legal entity holding the interest, the country in which such transferee is created or organized, and the principal place of business of such transferee;

(8)

the agricultural purposes for which such foreign person intends, on the date on which such report is submitted to the Secretary, to use such agricultural land; and

(9)

such other information as the Secretary may require by regulation.

(b) Agricultural land interests presently held by foreign persons

Any foreign person who holds any interest, other than a security interest, in agricultural land on the day before the effective date of this section shall submit a report to the Secretary not later than 180 days after such effective date. Such report shall be submitted in such form and in accordance with such procedures as the Secretary may require and shall contain—

(1)

the legal name and the address of such foreign person;

(2)

in any case in which such foreign person is an individual, the citizenship of such foreign person;

(3)

in any case in which such foreign person is not an individual or a government, the nature of the legal entity holding the interest, the country in which such foreign person is created or organized, and the principal place of business of such foreign person;

(4)

the type of interest in agricultural land which is held by such foreign person;

(5)

the legal description and acreage of such agricultural land;

(6)

the purchase price paid for, or any other consideration given for, such interest;

(7)

the agricultural purposes for which such foreign person—

(A)

is using such agricultural land on the date on which such report is submitted to the Secretary; and

(B)

intends, as of such date, to use such agricultural land; and

(8)

such other information as the Secretary may require by regulation.

(c) Change in foreign person status of interest holders

Any person who holds or acquires (on or after the effective date of this section) any interest, other than a security interest, in agricultural land at a time when such person is not a foreign person and who subsequently becomes a foreign person shall submit a report to the Secretary not later than 90 days after the date on which such person becomes a foreign person. Such report shall be submitted in such form and in accordance with such procedures as the Secretary may require and shall contain the information required by subsection (b) of this section. This subsection shall not apply with respect to any person who is required to submit a report with respect to such land under subsection (b) of this section.

(d) Conversion of land to agricultural uses

Any foreign person who holds or acquires (on or after the effective date of this section) any interest, other than a security interest, in land at a time when such land is not agricultural land and such land subsequently becomes agricultural land shall submit a report to the Secretary not later than 90 days after the date on which such land becomes agricultural land. Such report shall be submitted in such form and in accordance with such procedures as the Secretary may require and shall contain the information required by subsection (b) of this section. This subsection shall not apply with respect to any person who is required to submit a report with respect to such land under subsection (b) of this section.

(e) Additional reports by foreign persons other than individuals or governments

With respect to any foreign person, other than an individual or a government, who is required by subsection (a), (b), (c), or (d) of this section to submit a report, the Secretary may, in addition, require such foreign person to submit to the Secretary a report containing—

(A)

the legal name and the address of each person who holds any interest in such foreign person;

(B)

in any case in which the holder of such interest is an individual, the citizenship of such holder; and

(C)

in any case in which the holder of such interest is not an individual or a government, the nature of the legal entity holding the interest, the country in which such holder is created or organized, and the principal place of business of such holder.

(f) Persons holding interests under subsection (e)

With respect to any person, other than an individual or a government, whose legal name is contained in any report submitted under subsection (e) of the section, the Secretary may require such person to submit to the Secretary a report containing—

(A)

the legal name and the address of any person who holds any interest in the person submitting the report under this subsection;

(B)

in any case in which the holder of such interest is an individual, the citizenship of such holder; and

(C)

in any case in which the holder of such interest is not an individual or a government, the nature of the legal entity holding the interest, the country in which such holder is created or organized, and the principle 1 place of business of such holder.

Source credit: (Pub. L. 95–460, § 2, Oct. 14, 1978, 92 Stat. 1263.)

history & why it existsrecord from the source credit
  • 1978Enacted · Pub. L. 95-460 · 92 Stat. 1263

A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-460 on 1978-10-14.

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