AR SB584

Amends the Arkansas Academic Challenge Scholarship Program to establish procedures and funding requirements for creating or amending scholarships funded with net lottery proceeds and the Higher Education Grants Fund Account.

Requires bills creating new lottery-funded scholarships or amending existing ones to be introduced during the first 31 calendar days of regular sessions, with a three-fourths majority vote required for late introduction.

Mandates lottery fiscal impact statements for scholarship bills showing four years of prior lottery proceeds, existing scholarship costs, and projected impacts; bills with negative fiscal impacts cannot advance unless amended to be positive or provided additional General Revenue funding.

Consolidates lottery scholarship funding into a single "Lottery Scholarship Trust Account" instead of separate trust accounts, with priority funding for the Arkansas Academic Challenge Scholarship Program.

Declares an emergency to ensure existing scholarships can be funded with available funds and to review whether new scholarships are fiscally prudent given current lottery solvency.