(a) Any recorder of deeds, tax assessor, or other public official who shall learn that a foreign party has acquired agricultural land in Arkansas after April 19, 1979, and has not registered as required in this chapter or otherwise holds agricultural land in violation of this chapter shall report the violation to the Attorney General.
(b)
(1) Upon receiving notice under subsection (a) of this section, or otherwise in his or her discretion, the Attorney General shall institute an action in the Pulaski County Circuit Court or in the circuit court of any county in which any portion of the agricultural land acquired or held in violation of § 2-3-103 is located.
(2) The Attorney General shall file a notice of the pendency of the action with the recorder of deeds of each county in which any portion of the agricultural land is located.
(c)
(1) If the court finds that the agricultural land has been acquired or is held in violation of this chapter, the court shall enter a declaratory judgment of the violation and order that the agricultural land be divested to a party other than another foreign party within two (2) years of the date of the order.
(2)
(A) The court may also assess against the foreign party a civil penalty for a knowing violation of this chapter of up to twenty-five percent (25%) of the then fair market value of the agricultural land.
(B) The penalty assessed shall become a lien against the agricultural land.
(d)
(1) Upon the entry of a declaratory judgment of a violation and an order of divestiture, the Attorney General shall cause a copy of the order to be filed with the recorder of deeds of each county in which any portion of the agricultural land is located.
(2)
(A) The order of divestiture shall be a covenant running with the agricultural land against any foreign party, grantee, or assignee.
(B) Any foreign party who shall acquire any portion of the agricultural land within the two-year divestiture period specified in the order shall be required to divest within the two-year period.
(e) Any agricultural land which is not divested within the time prescribed by an order under subsection (c) of this section shall be ordered sold at public sale in the manner prescribed by law for the foreclosure of a mortgage on real estate for default in payment.
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