SB 395 — TO AMEND ARKANSAS LAW CONCERNING STATEMENTS OF FINANCIAL INTEREST; AND AMENDING A PORTION OF ARKANSAS LAW RESULTING FROM INITIATED ACT 1 OF 1988.

Bill Text

• SB 395 View text Current pdf

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The bill amends existing Arkansas law concerning the reporting of financial interests and establishes penalties for unlawful use of such information.

• Arkansas Code § 21-8-701(d)(3)

  employer and of each other source of gross income amounting to more than one thousand dollars ($1,000) annually received → employer and of each other source of gross income amounting to more than one thousand dollars ($1,000) annually received by the person or his or her spouse in his or her own name, or by any other person for the use or benefit of the public servant or candidate or his or her spouse, and a brief description of the nature of the services for which the compensation was received.

  Clarifies the reporting requirement for sources of income for public servants.

• Arkansas Code § 21-8-701(d)(3)

  source of gross income as described in subdivision (d)(3)(A) of this section of more than twelve thousand five hundred dollars ($12,500). → source of gross income as described in subdivision (d)(3)(A) of this section of more than twelve thousand five hundred dollars ($12,500).

  Modifies the threshold for reporting sources of income.

• Arkansas Code § 21-8-701(d)(4)

  every business in which the public servant or candidate or his or her spouse, or any other person for the use or benefit of the public servant or candidate or his or her spouse, has had an investment or holdings of over one thousand dollars ($1,000) at fair market value as of the last day of holding at any point during the previous calendar year. → every business in which the public servant or candidate or his or her spouse, or any other person for the use or benefit of the public servant or candidate or his or her spouse, has had an investment or holdings of over one thousand dollars ($1,000) at fair market value as of the last day of holding at any point during the previous calendar year.

  Ensures consistency in the requirement to report business investments.

• Arkansas Code § 21-8-701(d)(4)

  Each source described in subdivision (d)(4)(A) → Each source described in subdivision (d)(4)(A) of this section that has a fair market value of over twelve thousand five hundred dollars ($12,500) as of the last day of the previous calendar year

  Increases the threshold for required disclosure of business holdings.

• Arkansas Code § 21-8-701

  This section does not restrict the power of the Arkansas Ethics Commission to conduct an investigation under its jurisdiction.

  Affirms the Ethics Commission's investigative authority.

• Arkansas Code Title 21, Chapter 8, Subchapter 7

  A person commits the offense of unlawful use of information in a statement of financial interest if he or she purposely uses the information contained within a statement of financial interest under this subchapter to commit a crime against: (1) The person filing the statement of financial interest; (2) The spouse or child of the person filing the statement of financial interest; or (3) A business in which the person filing the statement of financial interest owns more than one percent (1%) of the stock of the business. The offense of unlawful use of information in a statement of financial interest is a Class A misdemeanor.

  Establishes a new offense and penalties for the misuse of information from financial interest statements.

Action History

1. May 05, 2025

   Died in Senate Committee at Sine Die adjournment.

2. March 05, 2025

   Read first time, rules suspended, read second time, referred to STATE AGENCIES & GOVT'L AFFAIRS-SENATE

3. March 05, 2025

   Filed

Sponsors

• Lane Jean · Primary
• Jr Jimmy Hickey · Primary

Subjects