Amends TCA Title 7, Chapter 53.

Present law generally prohibits any person whose duty it is to vote for, let out, overlook, or superintend any work or any contract in which any political subdivision created by statute is interested, from being directly interested in any such contract. Present law also prohibits such persons from having an indirect interest in any such contract unless the person publicly acknowledges the indirect interest. A person who fails to comply with the conflict of interest requirements is subject to forfeiture of compensation, dismissal from office, and ineligibility to hold similar office for 10 years. This bill requires each director of an industrial development corporation board to complete a conflict of interest statement acknowledging the following: (1) Receipt of a copy of the present law conflict of interest statute; and (2) That the director understands that the director is required to refrain from voting on matters in which the director is directly interested and that the director must disclose any matter in which the director is indirectly interested before voting on the matter. This bill requires the Tennessee ethics commission to publish a sample conflict of interest statement on its public website.