This bill amends existing legislation regarding the corrupt use of nonpublic information by expanding the scope of individuals subject to these regulations. It now includes current or former officers, employees, or contractors of a political subdivision, in addition to those from state agencies. The bill outlines specific actions that constitute corrupt use of nonpublic information, such as using it for personal gain, speculating based on the information, or disclosing it to unauthorized parties. Violators face felony charges, which may result in fines up to $10,000 and imprisonment for up to five years. Additionally, those convicted will be barred from holding public office and entering into contracts with state agencies or political subdivisions.

The bill also clarifies that any violation of these provisions will be grounds for removal from office or termination from government employment. The definition of "immediate family member" is provided to specify the relationships that may be affected by the corrupt use of nonpublic information. The act is set to take effect on November 1, 2026.