Arkansas Code Title 18. Property § 18-11-110. Land ownership by prohibited foreign-party-controlled business prohibited--Definitions

(1) “Controlling interest” means an ownership interest of fifty percent (50%) or more, in the aggregate;

(2) “Prohibited foreign party” means the same as in § 18-11-802; and

(3) “Prohibited foreign-party-controlled business” means a corporation, company, association, firm, partnership, society, joint-stock company, trust, estate, or other legal entity whose controlling interest is owned by a prohibited foreign party.

(b)(1) A prohibited foreign-party-controlled business shall not acquire by grant, purchase, devise, descent, or otherwise any interest in public or private land in this state.

(2) A party may not hold public or private land as an agent, trustee, or other fiduciary for a prohibited foreign-party-controlled business in violation of this section.

(c)(1) A prohibited foreign-party-controlled business entity in violation of this section shall have two (2) years to divest of the public or private land.

(2) If a prohibited foreign-party-controlled business entity does not divest the public or private land as required by subdivision (c)(1) of this section, the Attorney General shall commence an action in the circuit court within the jurisdiction of the public or private land.

(4) The Attorney General shall promptly record a copy of the following in the local land records:

(1) Any former owner; or

(2) Another person holding or owning a former interest in the public or private land.