Dept. of Agriculture Publishes Proposed Foreign-Buyer Rule
The Florida Department of Agriculture proposed wording is an ownership-reporting rule if residents of select foreign countries already own or inherit land in Fla.
TALLAHASSEE, Fla. – SB 264, a bill related to sales to “foreign principals, persons and entities“ went into effect on July 1, 2023. Under SB 264, three Florida agencies were tasked with developing rules:
- The Florida Real Estate Commission (FREC)
- Department of Agriculture and Consumer Services (DACS)
- Department of Economic Opportunity (DEO)
FREC recently released details of a proposed rule on affidavits as part of the closing process.
The Department of Agriculture and Consumer Services has now released its proposed rule that covers reporting requirements for citizens of the foreign countries cited in SB 264 – China, Russia, Iran, North Korea, Cuba, Venezuela and Syria. The rule focuses on current property owners and those that might inherit property if they’re residents of those foreign countries.
While the new DACS proposal has no direct impact on Florida’s real estate licensees, previous clients from those affected countries may want to follow the rule development process.
DACS notice
Notice of Development of Rulemaking
DEPARTMENT OF AGRICULTURE AND CONSUMER SERVICES
Division of Consumer Services
Rule nos.: Rule titles:
5J-27.001 Definitions
5J-27.002 Agricultural Land Transactions Prior to July 1, 2023
5J-27.003 Registration
5J-27.004 Fines
5J-27.005 Liens
5J-27.006 Rebuttable Presumption
PURPOSE AND EFFECT: The purpose of this rulemaking is to adopt rules that will implement the provisions of ch. 2023-33, Laws of Florida, related to the interests of foreign principal ownership of agricultural land.
SUBJECT AREA TO BE ADDRESSED: The registration of agricultural land owned by foreign principals.
RULEMAKING AUTHORITY: 692.202(9), 570.07(23) FS.
LAW IMPLEMENTED: 692.202 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Christopher Green, Public Relations Manager, Division of Consumer Services, 2005 Apalachee Parkway, Tallahassee, Florida, 32399-6500, email: Christopher.Green@FDACS.gov or by phone: (850)410-3773.
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.
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