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