Bill > S1119

This bill establishes a new chapter of Massachusetts law (Chapter 151G) aimed at promoting fair investment practices, focusing on increasing investment opportunities for historically disadvantaged groups. The bill defines key terms such as "professional investors" (which includes venture capital firms, investment banks, and other financial institutions) and "protected characteristics" (including race, gender, age, and veteran status). Professional investors are required to develop and submit a written policy detailing how they will comply with the law, adopt clear procedures to ensure compliance, and complete a self-evaluation every three years assessing their progress in providing funding to historically disadvantaged members of protected classes and entities. The Attorney General, in consultation with the Massachusetts Commission Against Discrimination and the Secretary of State, will develop and periodically update compliance guidelines. Failure to comply with these requirements can be considered an unfair trade practice, potentially subjecting professional investors to civil penalties, damages, and injunctive relief. The law is intended to be construed liberally to accomplish its purpose of promoting more equitable investment practices, and it does not repeal any existing laws. The Attorney General is required to publish specific compliance guidelines within one year of the law's effective date.

Budget and Finance, Justice

https://malegislature.gov/Bills/194/S1119