§ 3501. — Reporting requirements.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC3501]
TITLE 7--AGRICULTURE
CHAPTER 66--AGRICULTURAL FOREIGN INVESTMENT DISCLOSURE
Sec. 3501. Reporting requirements
(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.
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\1\ So in original. Probably should be ``principal''.
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(Pub. L. 95-460, Sec. 2, Oct. 14, 1978, 92 Stat. 1263.)
References in Text
For the effective date of this section, referred to in subsecs. (b)
to (d), see section 10(b) of Pub. L. 95-460, set out as an Effective
Date note below.
Effective Date
Section 10 of Pub. L. 95-460 provided that:
``(a) Except as provided in subsection (b) of this section, this Act
[enacting this chapter] shall become effective on the date of the
enactment of this Act [Oct. 14, 1978].
``(b) Section 2 [section 3501 of this title] shall become effective
on the date on which regulations prescribed by the Secretary under
section 8 [section 3507 of this title] become effective.''
Short Title
Section 1 of Pub. L. 95-460 provided that: ``This Act [enacting this
chapter] may be cited as the `Agricultural Foreign Investment Disclosure
Act of 1978'.''
Section Referred to in Other Sections
This section is referred to in sections 3502, 3503, 3505, 3506 of
this title.
