MS HB1490

Establishes detailed audit procedures for pharmacy benefit managers, including requirements for written notice at least two weeks before on-site audits and fourteen days for pharmacy response to desk audits.

Limits audits to 100 randomly selected individual prescriptions (except for specifically identified problems) and restricts entities to initiating no more than one audit per pharmacy per quarter.

Requires auditors to conduct exit interviews, provide preliminary reports within 120 days, allow pharmacies 30 days to respond, and deliver final reports within 180 days; prohibits interest accrual during audit period.

Establishes recoupment limitations including prohibition on including dispensing fees unless prescription was not dispensed, and prevents recoupments based on documentation or professional duty requirements exceeding State Board of Pharmacy standards.

Authorizes State Board of Pharmacy to impose monetary penalties on pharmacy benefit managers for noncompliance ranging from $1,000 to $25,000 per violation, with penalties deposited into board's special fund; requires board to develop uniform penalty policy effective July 1, 2012.