(1) This chapter shall not apply to agricultural land owned by a foreign party on April 19, 1979, while the land is held by the foreign party, nor shall this chapter apply to any alien while a bona fide resident of the United States or one of its territories or possessions.
(2) Should any alien owning agricultural land in Arkansas cease to be a bona fide resident of the United States or one of its territories or possessions, the alien shall register as required in this chapter within two (2) years after ceasing to be a bona fide resident.
(3) Agricultural land held by a nonresident alien over two (2) years after ceasing to be a resident alien shall be subject to the proceedings set forth in §§ 2-3-106 and 2-3-107.