SB0308 Summary

• Amends the Business Enterprise for Minorities, Women, and Persons with Disabilities Act to expand the definition of "minority person" to include socially disadvantaged persons and economically disadvantaged persons.

• Defines "socially disadvantaged person" as someone individually certified by the Council as having experienced racial, ethnic, or cultural bias within American society, requiring evidence of objective distinguishing features and substantial chronic disadvantage with negative business impact.

• Defines "economically disadvantaged person" as a socially disadvantaged person whose ability to compete has been impaired due to diminished capital and credit opportunities compared to others in the same line of business.

• Requires economically disadvantaged applicants to submit narrative statements and personal financial information (including spouse's information if married) and allows the Council to examine personal income, net worth, and asset transfers within 2 years prior to program application.

• Takes effect January 1, 2024.