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. It defines "designated state agency" to include various departments and offices within the state government, excluding the judicial and legislative branches. The reports must detail the financial assistance distributed, including amounts, recipients, purposes, and any associated administrative costs. These reports are to be submitted by August 15 each year, and the Office of Budget and Program Planning will compile and summarize these reports into an annual document to be submitted to several committees and posted on the website of the Office of State Director of Indian Affairs.

Additionally, the bill includes provisions for notifying each federally recognized tribal government in Montana about the act. It establishes a new section in the law to codify these reporting requirements and specifies that the act will take effect on July 1, 2025. The bill aims to enhance transparency and accountability regarding state financial assistance to tribal entities.