1. Short title This Act may be cited as the Farmland Security Act of 2023 . 2. Improving agricultural foreign investment disclosure (a) Civil penalty Section 3 of the Agricultural Foreign Investment Disclosure Act of 1978 ( 7 U.S.C. 3502 ) is amended— (1) in subsection (a), by striking the second sentence; (2) in subsection (b)— (A) by striking The amount and inserting Except as provided in subsection (c), the amount ; and (B) by striking Act, and all that follows through the period at the end and inserting Act. ; and (3) by adding at the end the following: (c) Penalty for shell corporations (1) Definition of shell corporation In this subsection, the term shell corporation means a corporation, company, association, firm, partnership, society, joint stock company, trust, estate, or any other legal entity that has no or nominal operations. (2) Amount of penalty The amount of a civil penalty under subsection (a) for a foreign-owned shell corporation, as determined by the Secretary, shall be 100 percent of the fair market value, on the date of the assessment of the penalty, of the interest in agricultural land with respect to which the violation occurred. (3) Nonapplication of penalty A shell corporation shall not be subject to a civil penalty under this section if the shell corporation remedies a defective filing or failure to file not later than 60 days after the Secretary provides notice to the shell corporation of the defective filing or failure to file. . (b) Investigative actions Section 4 of the Agricultural Foreign Investment Disclosure Act of 1978 ( 7 U.S.C. 3503 ) is amended— (1) by striking The Secretary and inserting the following: (a) In general The Secretary