(a)

(1) A professional services contract or consultant services contract shall be presented to the Legislative Council or, if the General Assembly is in session, to the Joint Budget Committee, before the execution of the professional services contract or consultant services contract if the total initial amount or the total projected amount, including any amendments or possible extensions, of the professional services contract or consultant services contract is at least fifty thousand dollars ($50,000).

(2) The Legislative Council or the Joint Budget Committee shall provide the State Procurement Director with its review as to the propriety of the professional services contract or consultant services contract within thirty (30) days after receipt of the proposed professional services contract or consultant services contract.

(3) The professional services contract or consultant services contract shall not be submitted to the Legislative Council or to the Joint Budget Committee until the Department of Finance and Administration has reviewed the professional services contract or consultant services contract and provided the Legislative Council or the Joint Budget Committee with a recommendation regarding the legality of the professional services contract or consultant services contract.

(b) The Legislative Council or the Joint Budget Committee may review or exempt from review any professional services contract or consultant services contract or group of professional services contracts or consultant services contracts contemplated by this subchapter.

(c)

(1) Funds from grants and contracts to a state institution of higher education may be used for the purpose of subcontracting with institutions under the performance conditions of the grants or contracts.

(2) Subcontracts for research that are derived from grants and contracts to a state institution of higher education require the prior approval of the director and a review by the Legislative Council or by the Joint Budget Committee.

(d)

(1) In addition to the professional services contracts and consultant services contracts presented to the Legislative Council or to the Joint Budget Committee under subsection (a) of this section, the director shall compile a monthly report of all executed professional services contracts and consultant services contracts if the total initial amount or the total projected amount, including any amendments or possible extensions, of the professional services contract or consultant services contract is at least ten thousand dollars ($10,000) and less than fifty thousand dollars ($50,000).

(2) The monthly report required under this subsection shall include without limitation:

(A) The name of the contractor;

(B) The state agency name;

(C) The contact information for the contractor or state agency;

(D) The total initial cost of the professional services contract or consultant services contract;

(E) The type of services contracted;

(F) The quantity of services contracted;

(G) The procurement method;

(H) The total projected amount of the professional services contract or consultant services contract that includes any amendments and all available extensions; and

(I) Any other information requested by the Legislative Council or the Joint Budget Committee.

(3) The director shall remit the report each month to the Legislative Council or to the Joint Budget Committee as directed by the Legislative Council.

(e) A contract that is procured by a state agency with a state agency procurement official is subject to the reporting and presentment requirements under this section.

(f) It is a violation of state procurement laws, Arkansas Code Title 19, Chapter 11, for a state agency official to procure services in an incremental or split purchase arrangement to avoid the reporting or presentment requirements of this section.