HB 1028 Summary

• Clarifies the Attorney General's authority to protect charitable assets by enforcing their application, preventing misapplication or waste, and commencing or intervening in legal actions related to charitable assets.

• Defines "charitable asset" as property given or held for a charitable purpose (excluding for-profit property) and specifies that property includes interests in real property, personal property, remainder interests in trusts, and conservation easements.

• Establishes a deactivation process allowing registered charitable organizations to cease operations and request deactivation from the Attorney General after meeting all chapter obligations.

• Revises financial reporting requirements for professional solicitors and charitable organizations, including clarification on gross revenue reporting, late filing fees, and electronic submission procedures.

• Updates exemptions from registration and reporting requirements, removing references to obsolete accrediting organizations and adding the Higher Learning Commission and AdvancED as eligible accreditors.