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1.  The Department shall regularly review information about the goals established pursuant to NRS 408.38724 and the markets for which these goals are set.

2.  The Department shall prepare a biennial report for the Governor and the Legislature and submit the report on or before December 31 of each even-numbered year. The biennial report must include, without limitation:

(a) All goals established by the Department pursuant to NRS 408.38724;

(b) Whether each goal established by the Department has been achieved; and

(c) For each goal established by the Department that has not been achieved, information on all efforts undertaken by the Department to achieve the goal.

3.  If the Department determines that the information gathered pursuant to subsection 1 indicates that disparities no longer exist in the awarding of contracts to disadvantaged business enterprises and LGBTQ-owned businesses and a discontinuation of the goals required to be established by NRS 408.38724 would be in the best interest of this State, the Director shall transmit to the Governor and the Director of the Legislative Counsel Bureau for transmission to the Legislature a statement of that determination accompanied by a report detailing the findings of the Department which justify that determination.

4.  As used in this section:

(a) ’LGBTQ’ means lesbian, gay, bisexual, transgender, queer or intersex or of any other nonheterosexual or noncisgender orientation or gender identity or expression.

(b) ’LGBTQ-owned business’ means a business that:

(1) Is owned by a natural person who identifies as LGBTQ; or

(2) Has at least 51 percent of its ownership interest held by one or more natural persons who identify as LGBTQ.