The bill mandates that designated state agencies in Montana submit annual reports to the Office of Budget and Program Planning regarding financial assistance provided to tribal entities. This includes both direct and indirect assistance, which can take various forms such as grants, loans, and contracts. The reports must detail the amount of assistance distributed, the recipients, and the purpose of the funds, among other specifics. The Office of Budget and Program Planning is required to compile these reports into an annual summary and submit it to several committees, including the State-Tribal Relations Committee and the Legislative Finance Committee, by September 15 each year. Additionally, the compiled report must be posted on the website of the Office of State Director of Indian Affairs.

The bill also introduces definitions for key terms such as "designated state agency," "financial assistance," and "tribal entity," clarifying the scope of the reporting requirements. It specifies that the reports must be submitted electronically and establishes a new section in the law to codify these provisions. The effective date of the bill is set for immediate passage and approval. Notably, the bill replaces the term "Catalog of Federal Domestic Assistance reference number" with "Federal Assistance Listings number" and adjusts the submission deadlines for the reports.