This bill mandates the creation of a single universal financial disclosure form for individuals required to file financial disclosure statements with the State Ethics Commission, the School Ethics Commission, or the Local Finance Board. The aim is to streamline the current process, which necessitates multiple filings for those holding various public positions or responsibilities across different entities. By standardizing the financial disclosure process, the bill seeks to simplify compliance for public officers and employees, allowing them to submit their disclosures through one unified form available on the official websites of the relevant commissions and board.

The Office of Legislative Services (OLS) estimates that implementing this universal form may lead to potential annual State expenditure increases between $50,000 and $500,000, while also potentially decreasing expenditures by up to $150,000. The overall financial impact will depend on the complexity of the new system compared to existing platforms. Although the bill does not explicitly require the form to be electronic, it is anticipated that the new form will be provided in an electronic format, retaining essential capabilities for users and regulators. The OLS also notes that the current financial disclosure platforms may benefit from service bundling or vendor discounts, which could be replicated under the new system.

Statutes affected:
Introduced: 18A:12-26, 40A:9-22.6