The proposed bill mandates that vendors contracting with the Office of State Procurement for services related to the Employee Benefits Division must submit their data for verification by an independent auditor. It introduces a new section to the Arkansas Code that outlines the verification process, requiring vendors to agree to an independent audit to ensure the accuracy of the data they provide. If a vendor is found to have submitted inaccurate data, they will face civil penalties, including a fine of $500 for the first violation and $1,000 for subsequent violations, as well as potential loss of licensure or authorization to operate in the state.

Additionally, the bill amends existing law to clarify that contracts with qualified vendors must include a requirement for data verification. It emphasizes the importance of accurate data for assessing the fiscal impact of legislation and declares an emergency, allowing the act to take effect immediately upon approval by the Governor or under specific conditions if not vetoed. The Director of the Employee Benefits Division is tasked with developing the independent audit process and promulgating rules to implement these provisions.

Statutes affected:
SB 491: 21-5-404(10)