Bill
HB 1064
HB 1064 would require public funds to divest from hedge funds that primarily invest in single-family rental properties, defining terms and setting an effective date.
I don’t have the text of the specific HB 1064 you described (titled “Property; definitions; hedge fund; single‑family residential property; divestment; effective date”). The documents you provided are many different bills from multiple jurisdictions (Maryland, North Dakota, Illinois, Hawaii, Indiana, Arkansas, etc.) and do not contain the language for the property / divestment bill you asked about.
Below I (1) explain what I’m missing, (2) list the essential information I need to produce a precise summary, and (3) provide a clear, objective template summary of what a bill with that title and status typically contains and what its likely effects would be — so you can see the kinds of things a final summary would include and quickly point me to the text or details to finalize it.
What’s missing
- The actual bill text or an official bill summary for HB 1064 (Property; definitions; hedge fund; single‑family residential property; divestment).
- The jurisdiction (state) or legislative body where this HB 1064 was introduced. (Multiple states use the same bill numbering; the committee name “Banking, Financial Services and Pensions” suggests a state‑level committee but not which state.)
- Any fiscal note, committee report, or amendment language specific to this bill.
If you can provide any one of these — the bill text, a short excerpt, or the state/jurisdiction — I will draft a precise, 200–500 word legislative summary.
Provisional summary (template) — what a bill with this title commonly does
Purpose and intent
- To limit or prohibit public investment in certain financial vehicles (commonly hedge funds) that invest in single‑family residential properties; to define key terms (e.g., “hedge fund”, “single‑family residential property”); and to set an effective date for the restrictions.
- Typical policy aims: discourage large institutional acquisitions of single‑family homes (which critics say can reduce owner‑occupied housing, raise rents, and affect affordability); and align public investment policy with housing affordability or social goals.
Key provisions (likely, based on the title)
- Definitions: clear statutory meanings for “hedge fund”, “private equity fund”, “single‑family residential property” (often: detached homes, townhouses, condominiums intended for one household).
- Divestment requirement or restriction: state retirement systems, sovereign wealth funds, or state agencies would be required to divest from, refuse new investments in, or avoid contracting with hedge funds that primarily acquire or manage single‑family rental homes.
- Disclosure/ due diligence: require funds to disclose portfolio holdings or certify that they do not engage in prohibited activities; require state fiduciaries to document compliance.
- Enforcement & remedies: authority for the treasurer/board to divest, timelines for divestment, possible penalties or reporting duties. May include exemptions (e.g., funds with de minimis exposure, private funds engaged in renovation/affordable housing programs).
- Effective date: a future date when divestment obligations or prohibitions begin; possible phased compliance schedule.
Who would be affected
- State and local public investors: public pension plans, state treasurer, other public funds with private market exposure.
- Asset managers and hedge funds that invest in single‑family rentals.
- Housing market participants: large institutional landlords, single‑family rental investors, property managers.
- Renters and homeowners: potential indirect effects on supply, rent levels, and local housing markets.
- Private market counterparties and tax revenues tied to property transactions.
Potential fiscal and policy impacts (typical considerations)
- Investment returns: divestment could alter portfolio risk/return profiles for public funds; estimates depend on how large hedge fund allocations are and whether alternate investments deliver comparable returns.
- Administrative costs: compliance, monitoring, legal review, and potential transaction costs from divestment.
- Housing market effects: proponents argue it may reduce institutional pressure on single‑family home prices; opponents say impacts on supply and rents are uncertain and may be small relative to broader market forces.
Procedural / timeline notes (based on status you supplied)
- Status: Referred to Banking, Financial Services and Pensions — next steps typically include committee hearing(s), possible amendment, committee report, floor consideration, and (if passed) gubernatorial signature and effective date as identified in the bill.
- Fiscal note: Many such bills include fiscal notes describing cost to state funds of divestment, which should be consulted when available.
What I can do next
- If you paste the bill text or attach the state/jurisdiction and a link to the bill, I will produce a focused 200–500 word summary that (1) describes the bill’s exact provisions, (2) lists specific affected entities and dollar amounts or dates present in the text, and (3) summarizes procedural history and likely fiscal effects with citations to any fiscal note.
Would you like to:
- Paste the bill text here, or
- Tell me the state/jurisdiction (so I can locate the official bill), or
- Upload/provide a link to the bill?
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
