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HB0118 • 2009

Uniform Prudent Management of Institutional Funds Act.

AN ACT relating to institutional funds; adopting the Uniform Prudent Management of Institutional Funds Act (UPMIFA); providing definitions; providing standards for the management and investment of certain funds as specified; providing conditions; providing for management and investment functions; providing applicability; repealing conflicting law; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor
Representative Pedersen
Last action
2009-03-12
Official status
enrolled
Effective date
3/12/2009

Plain English Breakdown

The plain English breakdown is still being put together. The official documents below are already here.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

HB0118HS001

Standing Committee • H02

Adopted

Plain English: Adopted Standing Committee by H02

  • This amendment summary is using official source text because generated interpretation was skipped for this run.
  • The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.
HB0118SS001

Standing Committee • NICHOLAS

Adopted

Plain English: Adopted Standing Committee by NICHOLAS

  • This amendment summary is using official source text because generated interpretation was skipped for this run.
  • The official amendment text was available, but an easy plain-English summary could not be produced automatically during the last sync.

Bill History

  1. 2009-03-12 LSO

    Assigned Chapter Number - 185

  2. 2009-03-12 Governor

    Governor Signed HEA No. 0108

  3. 2009-03-05 Senate

    S President Signed HEA No. 0108

  4. 2009-03-05 House

    H Speaker Signed HEA No. 0108

  5. 2009-03-04 LSO

    Assigned Number HEA No. 0108

  6. 2009-03-04 House

    H Did Concur

  7. 2009-03-03 House

    H Received for Concurrence

  8. 2009-03-03 Senate

    S Passed 3rd Reading

  9. 2009-03-02 Senate

    S Passed 2nd Reading

  10. 2009-02-27 Senate

    S Passed CoW

  11. 2009-02-27 Senate

    S Amendments Adopted

  12. 2009-02-27 Senate

    Amendment Adopted

  13. 2009-02-25 Senate

    S Placed on General File

  14. 2009-02-25 Senate

    S02 Recommended Amend and Do Pass

  15. 2009-01-28 Senate

    S Introduced and Referred to S02

  16. 2009-01-27 Senate

    S Received for Introduction

  17. 2009-01-23 House

    H Passed 3rd Reading

  18. 2009-01-22 House

    H Passed 2nd Reading

  19. 2009-01-21 House

    H Passed CoW

  20. 2009-01-21 House

    H Amendments Adopted

  21. 2009-01-21 House

    Amendment Adopted

  22. 2009-01-19 House

    H Placed on General File

  23. 2009-01-19 House

    H02 Recommended Amend and Do Pass

  24. 2009-01-14 House

    H Introduced and Referred to H02

  25. 2009-01-13 House

    H Received for Introduction

  26. 2009-01-08 LSO

    Bill Number Assigned

Official Summary Text

Bill No.: <billno> Drafter: <drafterinit>

Bill No.:
HB0118
Drafter:

MQ

LSO No.:
09LSO-0300
Effective Date:

7/1/2009

Enrolled Act No.:
HEA0108

Chapter No.:
185

Prime Sponsor:
Representative
Pedersen

Catch Title:
Uniform Prudent Management of
Institutional Funds Act.

Subject:
Adopts the Uniform
Prudent Management of Institutional Funds Act (UPMIFA).

Summary/Major Elements:

UPMIFA provides standards for
the management and investment of institutional funds which are funds used exclusively
for charitable purposes.

Requires fund managers to
consider the charitable purposes of the institution and the purposes of the
institutional fund.

Provides requirements to be
considered by the fund manager in making management and investment decisions
about the fund's assets, including placing a limitation on the amount of the
fund which may be expended each year.

Authorizes an institution to
delegate the management of a fund to an external agent.

Makes provision for the
modification of a restriction in a gift instrument regarding the management or
investment of an institutional fund.

Repeals the former Uniform
Management of Institutional Funds Act (UMIFA) since this is an updated version
of that Act.

Note:

Final action on this bill was not taken at the time this summary
was prepared. Should changes be made to the bill upon final passage, an
updated summary will be transmitted to all legislators.