HB 2462

This bill requires a public official or the spouse of a public official who owns or holds a covered investment to (i) d ivest the covered investment or (ii) p lace the covered investment in a blind trust. As used in this bill, a "covered investment"" means both (i) a direct investment in a stock, commodity, future, or other similar and comparable economic investment through a derivative, option, or similar asset; and (ii) an indirect investment in an investment fund, a trust, an employee benefit plan, or a d eferred compensation plan . However, such term does not include a diversified mutual fund, a diversified exchange-traded fund, treasury bonds, or compensation from or an interest in a public or private retirement plan . COMPLIANCE This bill requires a public official and the spouse of the public official generally to comply by October 1, 2026, or for newly elected or appointed public officials and their spouses, no later than 90 days after the public official takes the oath of office. However, a public official or the spouse of the public official may seek an extension from the commissioner of commerce and insurance (""commissioner"") of no more than 45 days to comply, and the commissioner may grant the extension for good cause shown. Upon compliance, a public official and the spouse of the public official must submit a certificate of compliance to the commissioner on a form prescribed by the commissioner and provide a copy to the secretary of state. VIOLATIONS This bill authorizes the commissioner to impose a civil penalty of no more than $1, 000 for a violation of this bill . Each day for which a violation occurs constitutes a separate offense. RULEMAKING This bill authorizes t he commissioner to promulgate rules to carry out this bill and specify the assets that are deemed covered investments."