SB470 Summary

• Adds Subchapter 14 to Arkansas Code Title 19, Chapter 11, establishing prohibitions on contingency fee arrangements for auditors and appraisers.

• Prohibits state agencies and political subdivisions from employing auditors or appraisers on a contingency fee basis.

• Prohibits state agencies and political subdivisions from entering into contingency fee contracts for auditing services related to transactions, privileges, taxes, or persons for taxation purposes or compliance determination.

• Prohibits state agencies and political subdivisions from entering into contingency fee contracts for property appraisals conducted for taxation purposes or to determine compliance with applicable laws.