S607 - Regulatory Reform Act of 2024. (SL 2024-45)

Overview: Section 10 of S.L. 2024-45 prohibits any state-controlled enterprise of, or the government of, a foreign nation that has been designated an adversarial foreign government by the United States Secretary of Commerce, from purchasing, acquiring, leasing, or holding any interest in either a quartz mining operation or land containing commercially valuable amounts of high purity quartz. Any transfer of an interest in land or a mining operation in violation of this section is void. No individual who is not an adversarial foreign government will bear any civil or criminal liability for failing to determine or make inquiry of whether an individual or other entity is an adversarial foreign government.

Currently, the following foreign governments and foreign non-government persons have been found to be adversarial foreign governments:

• The People's Republic of China, including the Hong Kong Special Administrative Region (China).
• Republic of Cuba (Cuba).
• Islamic Republic of Iran (Iran).
• Democratic People's Republic of Korea (North Korea).
• Russian Federation (Russia).
• Venezuelan politician Nicolás Maduro (Maduro Regime).

This section became effective July 9, 2024, and applies only to ownership interests acquired on or after that date.