This bill amends R.S. 42:1113(B) and (C) to strengthen the prohibitions on certain transactions involving public servants and their related parties. Specifically, it clarifies that appointed members of boards or commissions, as well as legislators, and their immediate family members or entities in which they have a substantial economic interest, are prohibited from bidding on or entering into contracts or transactions under the supervision of their respective agencies. The language has been updated to replace the phrase "be in any way interested" with "have a substantial economic interest," thereby emphasizing the focus on substantial economic interests in these transactions.

The bill aims to enhance transparency and prevent conflicts of interest by ensuring that public servants and their families cannot engage in financial dealings that could compromise their duties. The effective date of the bill is contingent upon the governor's signature or, if not signed, upon the expiration of the time for bills to become law without signature. If vetoed and later approved by the legislature, the bill will take effect the day after such approval.

Statutes affected:
HB503 Original: 42:1113(B)
HB503 Engrossed: 42:1113(B)
HB503 Enrolled: 42:1113(B)
HB503 Act : 42:1113(B)