Prohibition of acquisition, leasing, or ownership of United States agricultural land by covered foreign entities

(a) Prohibition of acquisition of agricultural land It shall be unlawful for a covered foreign entity— (1) to acquire any interest in United States agricultural land; or (2) to lease any interest in United States agricultural land. (b) Divestment requirement (1) In general Not later than 1 year after the date of enactment of this Act, a covered foreign entity that owns or leases an interest in United States agricultural land shall divest itself from any ownership or lease interests in United States agricultural land. (2) Letters of intent Not later than 180 days after the date of enactment of this Act, a covered foreign entity that owns or leases an interest in United States agricultural land shall sign a letter of intent to divest itself from any ownership or lease interests in United States agricultural land. (c) Penalty The Secretary shall fine a covered foreign entity that owns or leases an interest in United States agricultural land in violation of subsection (a) or (b) in an amount equal to $100 per acre per day that the covered entity owns or leases the interest in violation of subsection (a) or (b). (d) Criminal enforcement (1) Penalties A covered foreign entity that violates subsection (a) or (b) shall be fined under title 18, United States Code, imprisoned for not more than 5 years, or both. (2) Forfeiture (A) In general In an action brought by the Attorney General, any United States agricultural land owned in violation of subsection (a) or (b) shall be subject to forfeiture to the United States in accordance with chapter 46 of title 18, United States Code. (B) Public auction of forfeited land Notwithstanding section 981(e) of title 18, United States Code, the Attorney General shall sell through a public auction any United States agricultural land that is forfeited to the United States under this paragraph. (e) Nullification of agreements Notwithstanding any other provision of law, any noncompete agreement entered into between a covered foreign entity that owns or leases an interest in United States agricultural land and an employee of the covered foreign entity shall have no force or effect. (f) Implementation (1) In general Not later than 180 days after the date of enactment of this Act, the Secretary, in coordination with the Attorney General, shall issue guidance and regulations to implement this Act. (2) Office Not later than 180 days after the date of enactment of this Act, the Secretary shall establish an office within the Department of Agriculture for the purpose of— (A) monitoring compliance with this Act; and (B) imposing fines under subsection (c). (g) Investigative actions The Secretary may carry out such actions as the Secretary determines to be necessary to monitor compliance with this Act.