This bill mandates that members of certain state authorities, boards, and commissions in South Dakota file annual financial interest statements with the Secretary of State by January 31 each year. The statements must disclose various financial interests, including significant sources of income, ownership stakes in businesses, positions held in organizations, contracts with the state, and real property interests generating substantial income. Additionally, individuals nominated for these positions must disclose similar financial information during the application process. Failure to disclose this information can result in removal from the position by the Governor.

The bill also establishes procedures for handling conflicts of interest during meetings, requiring members to disclose any financial interests related to agenda items. Members who do not file their financial interest statements by the deadline will be suspended from voting until compliance is achieved. Knowingly filing false or incomplete statements is classified as a Class 2 misdemeanor, with potential removal from the position. Furthermore, the Secretary of State is tasked with transmitting filed statements to the Government Operations and Audit Committee for annual compliance reviews, and authorities are required to receive annual reports on ethics and financial conflict laws.