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 statement process, the bill allows these individuals to submit their required disclosures through one unified form, which will be accessible on the official websites of the relevant commissions and board.

The Office of Legislative Services (OLS) estimates that implementing this universal form could lead to annual State expenditure increases between $50,000 and $500,000, while also potentially decreasing expenditures by up to $150,000. The financial implications will depend on the complexity of the new platform compared to existing systems. 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 offer opportunities for service bundling and vendor discounts, which could further influence costs.

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