Bill > H1922

This bill establishes a new chapter in Massachusetts law aimed at promoting fair investment practices, specifically focusing on increasing investment opportunities for historically disadvantaged members of protected classes. The bill defines key terms such as "professional investors" (which includes venture capital firms, banks, and investment companies) and "protected characteristics" (including race, gender, age, and veteran status). Professional investors will be required to develop written policies detailing how they will comply with the law, create clear procedures to ensure organizational compliance, and submit a self-evaluation every three years assessing their progress in providing funding to historically disadvantaged groups. 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 guidelines will be considered an unfair trade practice, and the Attorney General can seek civil penalties, damages, and injunctive relief. The bill emphasizes a liberal interpretation to accomplish its purpose of promoting more equitable investment practices, while ensuring that professional investors are not required to disclose confidential or proprietary information during their self-evaluations.

Justice

https://malegislature.gov/Bills/194/H1922