Let Kids Play Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Let Kids Play Act aims to prevent private equity firms, often referred to as ‘vulture investors,’ from dominating youth sports organizations. It prohibits these firms from engaging in practices that could harm youth sports entities, such as excessive fees, consolidation of control, and restrictions on participation. The bill establishes a process for designating firms as ‘vulture investors’ and outlines remedies, including divestiture and financial penalties, to protect youth sports and ensure fair practices.
Key provisions
- Prohibits ‘vulture investors’ (private equity firms) from investing in youth sports entities.
- Defines ‘vulture practices’ as harmful actions like excessive fees, consolidation of youth sports organizations, and restrictions on participation.
- Establishes a process for designating firms as ‘vulture investors’ based on past investment behavior and future intentions.
- Requires ‘vulture investors’ to divest from youth sports entities if designated.
- Creates a ‘Youth Sports Fund’ to support youth sports entities impacted by ‘vulture investor’ activity.
- Imposes civil and criminal penalties for violations of the Act, including significant fines and potential imprisonment.
- Allows State attorneys general to take action on behalf of residents affected by ‘vulture investor’ practices.
- Prohibits pre-dispute arbitration agreements and joint action waivers related to disputes under the Act.
Who is affected
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Sponsors
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16 on record
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Cosponsors
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