Protecting Our Farms and Homes from China Act

Divestment of Agricultural Land: Covered foreign entities are required to sell or lease interests in agricultural land within one year, which could transition land ownership away from specific foreign entities (Section 3(b)).

Nullification of Noncompete Agreements: Any noncompete agreement between a covered foreign entity and its employees will have no force or effect, which could benefit employees' ability to seek new work (Section 3(e)).

Residential Real Estate Restrictions: The bill prevents covered foreign entities from purchasing residential real estate during a covered period, which may impact the residential real estate market (Section 4(b)).

Market Impact Reporting: The Secretary is required to submit a report to Congress regarding the impact of the residential real estate prohibition on housing affordability and the market (Section 4(h)).

Fines for Agricultural Land: Covered foreign entities that fail to comply with acquisition or divestment rules face fines of $100 per acre per day (Section 3(c)).

Criminal Penalties and Forfeiture: Violations regarding agricultural land can result in up to 5 years of imprisonment and the forfeiture of land to the United States through public auction (Section 3(d)).

Fines for Residential Real Estate: Covered foreign entities that violate the residential real estate prohibitions face a fine of $1,000 for each day they own a unit in violation of the Act (Section 4(d)).

Asset Seizure: The Attorney General has the authority to enforce the Act by seizing assets (Section 4(e)).