Agricultural Foreign Investment Disclosure Act of 1978

(Measure passed House, amended, in lieu of H.R. 13356)

Agricultural Foreign Investment Disclosure Act - Requires a report to the Secretary of Agriculture, containing legal name, address, citizenship, type of interest, legal description and acreage of the land involved, intended agricultural purposes, and other specified information, from any: (1) foreign person (whether an individual, an organization, a government, or any combination thereof) who holds, acquires, or transfers any interest, other than a security interest, in agricultural land, or in nonagricultural land which subsequent to acquisition becomes agricultural land; or (2) person who holds or acquires such an interest in agricultural land when such person is not a foreign person, but who subsequently becomes one.

Establishes a civil penalty for failing to submit a required report or for knowingly submitting a report that is incomplete, misleading, or false. Requires a penalty amount not to exceed 25 percent of the fair market value of the land interest involved on the date of the penalty assessment. Authorizes the Secretary to take necessary action to monitor compliance with this Act.

Requires the Secretary to report to the President and to Congress: (1) an analysis of the information obtained; (2) a determination of the effects of foreign holdings, acquisitions, and transfers on family farms and rural communities; and (3) findings and conclusions regarding the effectiveness and efficiency of the reporting requirements of this Act.

Requires the Secretary to transmit at the end of every six months to each State department of agriculture, or other appropriate State agency, a copy of each report submitted to the Secretary by a foreign person during such six-month period, which involved agricultural land located in such State.