This bill creates a new chapter in Title 64 RCW that prohibits two categories of entities from purchasing, acquiring, or otherwise obtaining an interest in land in Washington zoned for agricultural use: "business entities" (a broad list that expressly includes private foundations and land trusts and excludes investment entities) and "investment entities" (defined to include real estate investment trusts and pooled-fund managers that owe a fiduciary duty to investors). Land that contains merchantable timber or qualifies as timberland under chapter 84.34 RCW is exempted from the prohibition. The bill makes ownership of prohibited land ineligible for the open space taxation program (chapter 84.34 RCW) for any taxable period after the act’s effective date until the land is divested to a lawful owner, and it treats violations as unfair or deceptive acts under the consumer protection act (chapter 19.86 RCW). Remedies include civil penalties (up to $100,000 for a violation), a court-ordered requirement to sell the land to a qualified buyer within one year after final judgment and completion of appeals, and an additional civil penalty of up to $125,000 per year if the required sale is not completed. This is a new law rather than an amendment to an existing chapter; it adds a new chapter to Title 64 and cross-references existing statutes (chapter 84.34 RCW, chapter 19.86 RCW, RCW 51.08.014, and 26 U.S.C. §856). The act takes effect immediately. The text provided does not define "qualified buyer," does not specify what constitutes divestment to a lawful owner, and does not identify the new chapter number in Title 64; those details are therefore uncertain from the extracted facts.

If enacted, the bill would effectively bar many kinds of companies and pooled-investment managers—explicitly including REITs, private foundations, and many land trusts—from buying land zoned for agriculture in Washington, while still allowing purchases of timberland. Those entities would lose a common investment option and face immediate risks: land they hold in violation would no longer qualify for the state’s open space property tax program, they could be sued under the consumer protection law, and courts could impose up to $100,000 in civil penalties and order the land sold to a “qualified buyer” within one year, with additional penalties of up to $125,000 per year if the sale does not occur. The people and organizations most affected are investment entities and business entities that buy rural land, owners who might have sold to them, and programs tied to open space tax benefits; those groups could face reduced investment choices, forced sales that may cause financial loss, loss of tax benefits while ownership is unlawful, and significant penalty exposure. Important implementation details are missing from the text provided—most notably what counts as a “qualified buyer” and what precisely constitutes lawful divestment—so how quickly and easily land must be resold, and who can buy it, is unclear.