Bill > S721

This bill amends Section 23 of chapter 32 of the general laws to restrict investments by Commonwealth government entities in banks or financial institutions that have outstanding loans to private equity firms or real estate investment trusts (REITs) that own or invest in skilled nursing facilities or hospices. Specifically, the bill prohibits new investments in such banks, financial institutions, stocks, securities, or obligations after a determination is made about their involvement with these types of healthcare-related investments. When making this determination, the investment commission must consider factors such as investment risk diversification, investment returns, portfolio performance, and the quality of professional investment advice received. The bill also provides detailed definitions for key terms: a skilled nursing facility (SNF) is defined as a state-licensed facility providing skilled nursing and rehabilitation services; a hospice is defined as an agency providing care to terminally ill individuals meeting specific Medicare conditions; a private equity firm (PE) is described as a financing approach involving fund acquisition from firms or accredited investors; and a REIT is defined as a company that owns, operates, or finances income-generating real estate. The overall intent appears to be to limit government investments in entities with financial connections to certain healthcare service providers.

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https://malegislature.gov/Bills/194/S721