1. Law enforcement agencies involved in using the federal forfeiture system under federal law shall file a report regarding federal seizures and the proceeds therefrom. Such report shall be filed annually by February fifteenth for the previous calendar year with the state auditor's office. The report for the calendar year shall consist of a copy of the federal form entitled "ACA Form - Equitable Sharing Agreement and Certification" which is identical to the form submitted in that year to the federal government.
2. Any law enforcement agency that intentionally or knowingly fails to comply with the reporting requirement contained in this section shall be ineligible to receive state or federal funds which would otherwise be paid to such agency for law enforcement, safety, or criminal justice purposes.