An act TO AMEND THE LAW CONCERNING THE STATE BOARD OF 10 FINANCE, the official text

Stricken language would be deleted from and underlined language would be added to present law.

1 State of Arkansas             A Bill
2 95th General Assembly

3 Regular Session, 2025                                            HOUSE BILL 1378

4

5 By: Representative Beaty Jr.

6 By: Senator Hill

7

8                               For An Act To Be Entitled

9   AN ACT TO AMEND THE LAW CONCERNING THE STATE BOARD OF

10  FINANCE; TO AMEND THE COMPOSITION OF THE STATE BOARD

11  OF FINANCE; TO AMEND THE REQUIREMENTS FOR A QUORUM

12  FOR MEETINGS OF THE STATE BOARD OF FINANCE; TO REPEAL

13  THE REQUIREMENTS FOR THE EMPLOYMENT OF A CHIEF

14  COMPLIANCE OFFICER BY THE STATE BOARD OF FINANCE; AND

15  FOR OTHER PURPOSES.

16

17

18                              Subtitle

19                       TO AMEND THE COMPOSITION AND MEETING

20                       REQUIREMENTS OF THE STATE BOARD OF

21                       FINANCE; AND TO REPEAL THE REQUIREMENTS

22                       FOR THE EMPLOYMENT OF A CHIEF COMPLIANCE

23                       OFFICER BY THE STATE BOARD OF FINANCE.

24

25 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:

26

27  SECTION 1. Arkansas Code � 19-3-701(b), concerning the State Board of

28 Finance, is amended to read as follows:

29  (b) The board shall be composed of the following members:

30  (1) The Governor or his or her designee;

31  (2) The Treasurer of State;

32  (3) The Auditor of State;

33  (4) The Bank Commissioner;

34  (5) The Secretary of the Department of Finance and

35 Administration;

36  (6) The Securities Commissioner Secretary of the Department of

    *JLL114*                                                     02/02/2025 4:44:12 PM JLL114
                                                                         HB1378

1 Transformation and Shared Services;

2           (7) One (1) person with knowledge and experience in commercial

3 banking;

4           (8) One (1) person who:

5           (A) Holds or has held a Series 7 licensure as a general

6 securities representative; and

7           (B) Has at least five (5) years of experience as a general

8 securities representative;

9           (9) One (1) certified public accountant who:

10          (A) Is licensed in Arkansas; and

11          (B) Has at least five (5) years of experience as a

12 certified public accountant;

13          (10) One (1) member of the general public; and

14          (11)(A) The Insurance Commissioner.

15          (B) The Insurance Commissioner shall be a voting member

16 only for the purpose of voting on health benefit plans.

17

18  SECTION 2. Arkansas Code � 19-3-703(b)(1), concerning meetings of the

19 State Board of Finance, is amended to read as follows:

20  (b)(1) Seven (7) Six (6) members shall constitute a quorum for the

21 transaction of business.

22

23  SECTION 3. Arkansas Code � 19-3-704(b), concerning the powers and

24 duties of the State Board of Finance, is amended to read as follows:

25  (b)(1) The board shall select the chief compliance officer within the

26 Treasurer of State's office based upon nominations received from the

27 Treasurer of State.

28          (2) The chief compliance officer shall:

29          (A) Be employed by the board;

30          (B) Work with and at the direction of the Treasurer of

31 State consistent with the policies and directives of the board; and

32          (C) Serve at the pleasure of the board.

33

34

35

36

                                       2                    02/02/2025 4:44:12 PM JLL114