Stricken language would be deleted from and underlined language would be added to present law.
Act 204 of the Regular Session
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State of Arkansas 1
95th General Assembly A Bill 2
Regular Session, 2025 HOUSE BILL 1378 3
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By: Representative Beaty Jr. 5
By: Senator Hill 6
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For An Act To Be Entitled 8
AN ACT TO AMEND THE LAW CONCERNING THE STATE BOARD OF 9
FINANCE; TO AMEND THE COMPOSITION OF THE STATE BOARD 10
OF FINANCE; TO AMEND THE REQUIREMENTS FOR A QUORUM 11
FOR MEETINGS OF THE STATE BOARD OF FINANCE; TO REPEAL 12
THE REQUIREMENTS FOR THE EMPLOYMENT OF A CHIEF 13
COMPLIANCE OFFICER BY THE STATE BOARD OF FINANCE; AND 14
FOR OTHER PURPOSES. 15
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Subtitle 18
TO AMEND THE COMPOSITION AND MEETING 19
REQUIREMENTS OF THE STATE BOARD OF 20
FINANCE; AND TO REPEAL THE REQUIREMENTS 21
FOR THE EMPLOYMENT OF A CHIEF COMPLIANCE 22
OFFICER BY THE STATE BOARD OF FINANCE. 23
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BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: 25
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SECTION 1. Arkansas Code § 19 -3-701(b), concerning the State Board of 27
Finance, is amended to read as follows: 28
(b) The board shall be composed of the following members: 29
(1) The Governor or his or her designee; 30
(2) The Treasurer of State; 31
(3) The Auditor of State; 32
(4) The Bank Commissioner; 33
(5) The Secretary of the Department of Finance and 34
Administration; 35
(6) The Securities Commissioner Secretary of the Department of 36 HB1378
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Transformation and Shared Services ; 1
(7) One (1) person with knowledge and experience in commercial 2
banking; 3
(8) One (1) person who: 4
(A) Holds or has held a Series 7 licensure as a general 5
securities representative; and 6
(B) Has at least five (5) years of experience as a general 7
securities representative; 8
(9) One (1) certified public accountant who: 9
(A) Is licensed in Arkansas; and 10
(B) Has at least five (5) years of experience as a 11
certified public accountant; 12
(10) One (1) member of the general public; and 13
(11)(A) The Insurance Commissioner. 14
(B) The Insurance Commissioner shall be a voting member 15
only for the purpose of voting on health benefit plans. 16
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SECTION 2. Arkansas Code § 19 -3-703(b)(1), concerning meetings of the 18
State Board of Finance, is amended to read as follows: 19
(b)(1) Seven (7) Six (6) members shall constitute a quorum for the 20
transaction of business. 21
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SECTION 3. Arkansas Code § 19 -3-704(b), concerning the powers and 23
duties of the State Board of Finance, is amended to read as follows: 24
(b)(1) The board shall select the chief compliance officer within the 25
Treasurer of State's office based upon nominations received from the 26
Treasurer of State. 27
(2) The chief compliance officer shall: 28
(A) Be employed by the board; 29
(B) Work with and at the direction of the Treasurer of 30
State consistent with the policies and directives of the board; and 31
(C) Serve at the pleasure of the board. 32
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APPROVED: 2/27/25 35
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