The bill amends the Arkansas Scholarship Lottery Act by redefining key terms such as "lottery proceeds" and "net proceeds," and it modifies the financial reporting requirements for the Office of the Arkansas Lottery. Notably, the bill eliminates the Scholarship Shortfall Reserve Trust Account, which previously required the office to maintain a balance of $20 million. Instead, it mandates that the costs of administering scholarship awards will be reimbursed by the Office of the Arkansas Lottery using lottery net proceeds. The bill also specifies that the funds for various scholarship programs will come from excess funding returned from the previous academic year and remaining net proceeds.

Additionally, the bill introduces new provisions regarding the transfer of funds, stating that the current $20 million in the Scholarship Shortfall Reserve Trust Account will first be applied to reduce any deficit in the Office of the Arkansas Lottery's Unrestricted Net Position account to zero, with any remaining funds transferred to the Lottery Scholarship Trust Account. The act declares an emergency, emphasizing the need for these changes to improve the efficiency and functionality of the lottery system in Arkansas, and it is set to take effect on July 1, 2025.

Statutes affected:
Old version SB232 Original - 2-13-2025 03:01 PM: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 23-115-302(b), 23-115-801(b), 23-115-801(d)
Old version SB232 V2 - 2-25-2025 10:24 AM: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 02-25-2025, 23-115-302(b), 23-115-801(b), 23-115-801(d)
Old version SB232 V3 - 3-11-2025 10:48 AM: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 23-115-302(b), 23-115-801(b), 23-115-801(d)
Old version SB232 V4 - 3-18-2025 02:04 PM: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 03-18-2025, 23-115-302(b), 23-115-801(b), 23-115-801(d)
SB 232: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 23-115-302(b), 23-115-801(b), 23-115-801(d)
Act 429: 6-85-303(a), 6-85-404(b), 6-85-603(b), 23-115-103(14), 23-115-103(21), 23-115-103(23), 23-115-206(a), 03-18-2025, 23-115-302(b), 23-115-801(b), 23-115-801(d)