The Agricultural Foreign Investment Disclosure Act of 1978 became effective on February 2, 1979.
It requires any foreign person who acquires or transfers any interest other than a security interest in agricultural land to submit a completed FSA-153 to the Secretary of Agriculture not later than 90 calendar days after the date of acquisition or transfer. The information required by the Secretary should be reported on the enclosed FSA-153. Additional copies of this form, which you are encouraged to give to clients who are foreign persons owning, acquiring, or transferring agricultural land in the United States or its territories or possessions, may be obtained from this office. Return the completed FSA-153 to this office. Any foreign person who holds, acquires, or transfers any interest in agricultural land, who the Secretary of Agriculture determines did not submit FSA-153, or who knowingly submitted a report that was incomplete, misleading, or false is subject to civil penalty of not more than 25 percent of the fair market value of the land on the date the penalty is assessed.