HB2906 Summary

• Amends the Business Enterprise for Minorities, Women, and Persons with Disabilities Act to add "socially disadvantaged persons" and "economically disadvantaged persons" as qualifying minority persons.

• Defines "socially disadvantaged person" as someone individually certified by the Council as having faced racial, ethnic, or cultural prejudice in American society, with requirements including objective distinguishing features, personal experience of substantial disadvantage, and negative impact on business entry or advancement.

• Defines "economically disadvantaged person" as a socially disadvantaged person whose ability to compete in free enterprise has been impaired due to diminished capital and credit opportunities compared to non-disadvantaged businesses in the same industry.

• Requires economically disadvantaged applicants to submit narrative statements and personal financial information (including spouse's information if married) for evaluation of personal income from preceding 2 years, personal net worth, and fair market value of all assets.

• Establishes that assets transferred to immediate family members within 2 years for less than fair market value will be attributed to the individual claiming disadvantaged status, with exceptions for education, medical expenses, or essential support.