Senate Bill No. 1430 seeks to revise the State Code of Ethics by enhancing the definitions and requirements related to conflicts of interest for public officials and state employees. Key insertions include a clearer definition of "business with which the public official or state employee is associated," and the stipulation that a substantial conflict arises when there is a direct monetary gain or loss for the official, their spouse, or their nonstate employer. The bill mandates that elected state officials prepare a written statement detailing any substantial conflicts, justifying their participation in related matters, and submit this statement to the Office of State Ethics (OSE) for documentation. Additionally, the bill expands the scope of officials required to file a statement of financial interests to include members of various boards, commissions, and councils within the Executive Department involved in large state contracts exceeding $500,000.

Moreover, the bill modifies Section 1-86 to broaden the definition of affected parties, emphasizing that financial interests must not be of a de minimis nature. It also updates the information required in financial interest statements, including tax-sheltered annuity retirement plans among exempt securities. Certain subsections of current law are repealed and replaced with these updated requirements, which will take effect on October 1, 2025. The anticipated fiscal impact includes a minimal revenue gain from fines related to false statements, although it is expected that few additional individuals will be charged under the new provisions. Overall, SB 1430 aims to enhance transparency and accountability among public officials while effectively managing potential conflicts of interest.

Statutes affected:
Raised Bill: 1-85, 1-86
GAE Joint Favorable: 1-85, 1-86
File No. 295: 1-85, 1-86