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69th Legislature 2025 SB 459.1
- 1 - Authorized Print Version – SB 459
1 SENATE BILL NO. 459
2 INTRODUCED BY K. BOGNER
3
4 A BILL FOR AN ACT ENTITLED: “AN ACT REVISING BOARD OF INVESTMENT LAWS; LIMITING STATE
5 INVESTMENT IN SECURITIES THAT ARE NOT ACCOUNTABLE; MANDATING DIVESTMENT FROM
6 UNACCOUNTABLE SECURITIES; PROVIDING DEFINITIONS; AND PROVIDING AN EFFECTIVE DATE.”
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8 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
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10 NEW SECTION. Section 1. Sound and verifiable investments by board. (1) The purpose of this
11 section is to ensure that constitutional principles set forth in Article VIII, section 13, of the Montana Constitution
12 requiring prudent, safe, and conservative investments are met.
13 (2) The board may not invest in a security listed on an exchange in a jurisdiction in which the
14 federal public company accounting oversight board:
15 (a) has not conducted an inspection of a registered public accounting firm required by federal law;
16 and
17 (b) is prevented from conducting an inspection required by federal law because of a law or policy
18 of an authority in the jurisdiction.
19 (3) The board shall consult with the securities and exchange commission on a biennial basis in
20 order to ensure compliance with subsection (1).
21 (4) The board shall divest from securities in which investment is precluded by subsection (1):
22 (a) when divestment can be achieved without a loss of capital or revenue; or
23 (b) whenever prudent.
24 (5) As used in this section, the following definitions apply:
25 (a) "Board" means the Montana board of investments.
26 (b) "Registered public accounting firm" has the meaning provided in 15 U.S.C. 7201, as of March
27 1, 2025.
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69th Legislature 2025 SB 459.1
- 2 - Authorized Print Version – SB 459
1 NEW SECTION. Section 2. Codification instruction. [Section 1] is intended to be codified as an
2 integral part of Title 17, chapter 6, part 2, and the provisions of Title 17, chapter 6, part 2, apply to [section 1].
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4 NEW SECTION. Section 3. Effective date. [This act] is effective July 1, 2025.
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