Massachusetts 2025-2026 Regular Session

Massachusetts House Bill H1221 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1 of 1
2	2	HOUSE DOCKET, NO. 1359 FILED ON: 1/14/2025
3	3	HOUSE . . . . . . . . . . . . . . . No. 1221
4	4	The Commonwealth of Massachusetts
5	5	_________________
6	6	PRESENTED BY:
7	7	Sally P. Kerans
8	8	_________________
9	9	To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
10	10	Court assembled:
11	11	The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
12	12	An Act relative to investments by entities of the Commonwealth.
13	13	_______________
14	14	PETITION OF:
15	15	NAME:DISTRICT/ADDRESS :DATE ADDED:Sally P. Kerans13th Essex1/14/2025Sal N. DiDomenicoMiddlesex and Suffolk1/31/2025 1 of 3
16	16	HOUSE DOCKET, NO. 1359 FILED ON: 1/14/2025
17	17	HOUSE . . . . . . . . . . . . . . . No. 1221
18	18	By Representative Kerans of Danvers, a petition (accompanied by bill, House, No. 1221) of
19	19	Sally P. Kerans and Sal N. DiDomenico relative to investments by entities of the
20	20	Commonwealth. Financial Services.
21	21	The Commonwealth of Massachusetts
22	22	_______________
23	23	In the One Hundred and Ninety-Fourth General Court
24	24	(2025-2026)
25	25	_______________
26	26	An Act relative to investments by entities of the Commonwealth.
27	27	Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
28	28	of the same, as follows:
29	29	1 SECTION 1. Section 23 of chapter 32 of the general laws, as appearing in the 2020
30	30	2Official Edition is hereby amended in subsection 2 (c )(g) by inserting after (iii), the following
31	31	3new paragraph: -
32	32	4 (iv) subsequent to the date of such determination no new investment of funds shall be
33	33	5made in any bank or financial institution which directly or through any subsidiary has
34	34	6outstanding loans to any individual corporation engaged in a private equity (PE) firm, as defined
35	35	7in section 17 of this act, or real estate investment trust (REIT), as defined in section 11 of this
36	36	8act, which owns, in who or in part, or invests in skilled nursing facilities or hospices, and no new
37	37	9investment of funds shall be made in the stocks, securities or other obligations of any company
38	38	10so engaged. In making such determination the commission shall consider the diversification of
39	39	11the risk of the investments of such board, the return on the investments of such board, the past
40	40	12performance of the investment portfolio of such board and the extent and quality of professional 2 of 3
41	41	13advice received by such board regarding the investment of funds. Any such board shall invest
42	42	14and reinvest consistent with sound investment policy and the requirements of subdivision (3).
43	43	15 As used in this paragraph, a “skilled nursing facility” (SNF) means a facility, or unit,
44	44	16which is licensed by the state to provide skilled nursing care and related services for patients who
45	45	17require medical and skilled nursing care or skilled rehabilitation services for the treatment of an
46	46	18injury, disability, or illness, and a “hospice” means A public agency or private organization or a
47	47	19subdivision of either that is providing care to terminally ill individuals and meets the Medicare
48	48	20conditions of participation specified in 42 CFR 418.52 through 418.116 for hospices. “Private
49	49	21Equity Firm (PE)”, as used in this act, refers to a financing approach where companies acquire
50	50	22funds from firms or accredited investors instead of stock markets, as specified in 12 CFR s
51	51	231500.4. PE firms make a direct investment in these companies for an extended period as many of
52	52	24them are not publicly traded. “Real Estate Investment Trust (REIT),” as used in this act, means,
53	53	25is a company that owns, operates, or finances income-generating real estate as specified in 26
54	54	26CFR s 1.856-1.
55	55	27 SECTION 2. Notwithstanding any other general or special law or regulation, whenever
56	56	28there is a change of name of any skilled nursing facility or assisted living residence, regardless of
57	57	29any related ownership change, the safety record of the facility under its previous name shall be
58	58	30transferred and credited to the facility under its new name. The department shall list the new and
59	59	31previous name of said facility, including any safety or disciplinary record, on the official website
60	60	32of said department and shall direct the facility to post the same information on the facility web
61	61	33site and any other social media platform managed by said facility in order to promote
62	62	34transparency and public information. 3 of 3
63	63	35 SECTION 3. Any skilled nursing facility or assisted living residence that fails to meet the
64	64	36requirements of section 12 of this act relative to notification of change of name, or fails to meet
65	65	37the requirements for change of ownership pursuant to the provisions of chapter 197 of the acts of
66	66	382024 or department regulations shall be subject to such penalties as the department may direct
67	67	39through promulgation of enforcement regulations.