House Bill 972

Chair's Name: Wendell Willard

Committee: Judiciary Civil

House Sponsor: Steve Tumlin

Chairman Willard’s Opinion of the legislation:

HB 972 enacts the Uniform Prudent Management of Institutional Funds Act.  HB 972 provides standards for charities to use in managing investments and spending from endowments, and the management of institutional funds.  The bill provides standards for charities to use both in managing investments themselves and in selecting an agent to manage their investments.  HB 972 allows a donor or a court to modify original restrictions in a gift.  The bill has prospective effect, only. The Fiduciary Law Section of the State Bar supports the bill.

This committee substitute comes to the Floor under the Modified Structured Rule.