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AR HB1533
Bill
Status
Introduced
2/19/2025
Primary Sponsor
Zack Gramlich
Click for details
AI Summary
- Creates a new legal entity type called "Decentralized Unincorporated Nonprofit Association" (DUNA) requiring at least 100 members joined by mutual consent for a common nonprofit purpose
- Establishes that DUNAs are distinct legal entities from their members and administrators, with members and administrators not personally liable for the organization's debts or obligations
- Permits governance through distributed ledger technology and smart contracts, including voting procedures, consensus formation algorithms, and membership management
- Prohibits dividend distributions to members or administrators but allows reasonable compensation, expense reimbursement, and benefits conforming to the nonprofit purpose
- Provides framework for mergers with other organizations, conversions to different entity types, dissolution procedures, and filing requirements with the Secretary of State, effective January 1, 2026
Legislative Description
To Create The Decentralized Unincorporated Nonprofit Association Act.
Last Action
Recommended for study in the Interim by the Committee on INSURANCE & COMMERCE- HOUSE
4/16/2025
Committee Referrals
Insurance and Commerce2/19/2025
Full Bill Text
No bill text available