(765 ILCS 50/3) (from Ch. 5, par. 603)
Sec. 3. Foreign persons.
(a) Any foreign person who acquires or transfers any interest, other than a leasehold interest of 10 years or less or a security interest, in agricultural land in this State shall submit a report to the Director 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 Director 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 the agricultural land of
this State 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; the date the interest in the agricultural land was acquired; the amount of the purchase price or the value of the consideration for the agricultural land yet to be paid; the current estimated value of the agricultural land that is being reported;
(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 Director, to use such agricultural land; and
(9) such other information as the Director may
require by regulation.
(b) Any foreign person who holds any interest, other than a leasehold interest of 10 years or less or a security interest, in agricultural land of this State on the day before the effective date of this amendatory Act of 1985 shall submit a report to the Director 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 Director 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 of this
State 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; the date the interest in the agricultural land was acquired; the amount of the purchase price or the value of the consideration for the agricultural land yet to be paid; the current estimated value of the agricultural land that is being reported;
(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 Director; and
(B) intends, as of such date, to use such
agricultural land; and
(8) such other information as the Director may
require by regulation.
(c) Any person who holds or acquires (on or after the effective date of this amendatory Act of 1985) any interest, other than a leasehold interest of 10 years or less or 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 Director 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 Director 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) Any foreign person who holds or acquires (on or after the effective date of this amendatory Act of 1985) any interest, other than a leasehold interest of 10 years or less or 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 Director 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 Director 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) 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 Director may, in addition, require such foreign person to submit to the Director 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) 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 this Section, the Director may require such person to submit to the Director 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 principal place of business of such holder.
(Source: P.A. 92-16, eff. 6-28-01.)
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Last modified: February 18, 2015