AB 1840: Political Reform Act of 1974: prediction market contracts.

This bill would prohibit specified officials, employees, and lobbyists from engaging in transactions involving prediction market contracts if they possess or may obtain material nonpublic information relating to the transaction. The bill would create a new crime, imposing a state-mandated local program, and would punish a violation as a misdemeanor. No reimbursement is required for the costs of implementing this bill. The bill declares that it furthers the purposes of the Political Reform Act of 1974. The Act regulates political campaigns, lobbying, and government ethics, and prohibits accepting payments contingent on the outcome of proposed legislative or administrative actions.