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53	53	STATE OF OKLAHOMA
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55	55	2nd Session of the 59th Legislature (2024)
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57	57	HOUSE BILL 3814 By: Dollens
58	58
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63	63	AS INTRODUCED
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65	65	An Act relating to property; defining term;
66	66	prohibiting certain entities from acquiring title to
67	67	single-family residential real pro perty; prohibiting
68	68	subsidiary entities from acquiring title to single-
69	69	family residential real property; requiring
70	70	divestiture of title within certain prescribed period
71	71	of time; providing for codification; and providing an
72	72	effective date.
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81	81	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
82	82	SECTION 1. NEW LAW A new section of law to be codified
83	83	in the Oklahoma Statutes as Section 1201 of Title 60, unless there
84	84	is created a duplication in numbering, reads as follows:
85	85	A. As used in this section, "hedge fund" means a lawfully
86	86	organized business entity, including but no t limited to a general
87	87	partnership, limited partnership, limited liability partnership,
88	88	corporation, limited liability company or other entity that
89	89	accumulates capital primarily for the purpose of investing such
90	90	capital in equity securities of for profit business enterprises, in
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142	142	any form, with the objective of ach ieving high rates of return for
143	143	the investors of the hedge fund. For purposes of this section,
144	144	"hedge fund" does not mean a private or public pension fund, an
145	145	insurance company, banks or other federally or state regu lated
146	146	financial institutions the primary business activity of which does
147	147	not consist of equity investing, or an y other business enterpr ise
148	148	the principal purpose of which is something othe r than investment of
149	149	accumulated or invested capital in the equity securities or
150	150	derivatives of equity securities of a for profit business
151	151	enterprise. For purposes of this section, if a lawfully recognized
152	152	business entity is exempt from federal securities regulation
153	153	pursuant to Regulation D of the United States Securities and
154	154	Exchange Commission, there shall be a rebuttable presumption that
155	155	such entity is a hedge fund within the meaning of this section.
156	156	B. No hedge fund shall acquire title to single famil y
157	157	residential property located within the state.
158	158	C. No subsidiary of a hedge fund shall acquire title to single
159	159	family residential property loca ted within the state.
160	160	D. If a hedge fund or a subsidiary of a he dge fund holds title
161	161	to any single family residential real property located in the state
162	162	as of the effective date of this act, the entity holding title to
163	163	such property shall sell or otherwise divest itself of the title not
164	164	later than ten (10) years from t he effective date of this act. No
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216	216	transfer required by the provisions of this subsection shall be made
217	217	to a hedge fund or to a subsidiary of a hedge fund.
218	218	SECTION 2. This act shall become effective November 1, 2024.
219	219
220	220	59-2-9313 MAH 01/02/24

Oklahoma 2024 Regular Session

Oklahoma House Bill HB3814 Compare Versions