Md. Code Regs. 19A.03.01.04

Current through Register Vol. 51, No. 21, October 18, 2024

Section 19A.03.01.04 - Financial Disclosure Requirements

A. An individual shall file a financial disclosure statement on a form or using the electronic filing system provided by the Commission.

B. Contents of Financial Disclosure Statements.

(1) An individual shall report the information specified in this section, if known, for the reporting period.

(2) An individual who is required to disclose the name of a business under this section shall disclose any other names that the business is trading as or doing business as.

(3) An individual shall disclose the information specified in General Provisions Article, § 5-607(b), Annotated Code of Maryland, for an interest the individual holds in real property that:

(a) Is subject to a lease or other contract with the individual's State board or commission;

(b) Is the subject of a lease or other contract with an entity that:

(i) Has a contract with the individual's board or commission;

(ii) Is regulated by the individual's board or commission; or

(iii) Is licensed by the individual's board or commission;

(c) Is co-owned by a person who:

(i) Has a contract with the individual's board or commission;

(ii) Is regulated by the individual's board or commission; or

(iii) Is licensed by the individual's board or commission;

(d) Was negotiated for sale or lease or was sold or leased to the individual's board or commission during the reporting period;

(e) The individual held during the reporting period and that the individual plans to offer for lease or sale to the individual's board or commission during the current calendar year;

(f) The individual purchased from a person that contracts with, is regulated by, or is licensed by the individual's board or commission; or

(g) Is regulated by the individual's board or commission.

(4) An individual shall disclose the information specified in General Provisions Article, § 5-607(c), Annotated Code of Maryland, for an interest the individual holds in a corporation, partnership, limited liability partnership, or limited liability company if the interest:

(a) Is greater than a 1 percent ownership interest if the corporation, partnership, limited liability partnership, or limited liability company:

(i) Is regulated or licensed by the individual's board or commission; or

(ii) Is doing business with the individual's board or commission; or

(b) Is 20 percent or greater if:

(i) Another person owns an interest in the corporation, partnership, limited liability partnership, or limited liability company and the person is regulated by, licensed by, lobbies, or has a contract with an annual value of $5,000 or more with the individual's board or commission; or

(ii) The corporation, partnership, limited liability partnership, or limited liability company owns a direct financial interest in another entity that is regulated by, licensed by, lobbies, or has a contract with an annual value of $5,000 or more with the individual's board or commission.

(5) An individual shall disclose the information specified in General Provisions Article, § 5-607(d), Annotated Code of Maryland, for an interest the individual holds in a business entity if the interest is not disclosed under §B(3) of this regulation and the interest:

(a) Is greater than a 1 percent ownership interest if the entity:

(i) Is regulated or licensed by the individual's board or commission; or

(ii) Is negotiating to do business with or is doing business with the individual's board or commission; or

(b) Is 20 percent or greater if:

(i) Another person owns an interest in the entity and the person is regulated by, licensed by, lobbies, or has a contract with an annual value of $5,000 or more with the individual's board or commission; or

(ii) The entity owns a direct financial interest in another entity that is regulated by, licensed by, lobbies, or has a contract with an annual value of $5,000 or more with the individual's board or commission.

(6) Gifts.

(a) Except as provided in §B(6)(b) of this regulation, an individual shall disclose the information specified in General Provisions Article, § 5-607(e), Annotated Code of Maryland, for a gift in excess of $50 in value and for any series of gifts totaling over $100 in value in the reporting period from any person doing business with, regulated by, registered as a lobbyist before the individual's board or commission, or is an association, or an entity acting on behalf of an association, that is engaged only in representing counties or municipal corporations.

(b) This subsection does not require an individual to report gifts from the individual's immediate family members, parents, or children.

(7) An individual shall disclose the information specified in General Provisions Article, § 5-607(f), Annotated Code of Maryland, for any office, directorship, or salaried employment with any entity that does business with the individual's board or commission that was held by the individual or a member of the individual's immediate family during the reporting period.

(8) An individual shall disclose the information specified in General Provisions Article, § 5-607(g), Annotated Code of Maryland, for a debt the individual owed at any point in the reporting period to any person or entity that does business with the individual's board or commission or is under the authority of the individual's board or commission.

(9) For an immediate family member of the individual who was employed by the individual's board or commission during the reporting period, an individual shall report:

(a) The name of the immediate family member;

(b) The familial relationship between the individual and the immediate family member; and

(c) The title of the position the immediate family member held with the board or commission.

(10) Salary or Business Ownership.

(a) An individual shall disclose the information specified in §B(9)(b) of this regulation for each:

(i) Place of salaried employment of the individual and each member of the individual's immediate family held at any time during the reporting period;

(ii) Business entity of which the individual or a member of the individual's immediate family was a sole owner and from which the individual or the member of the immediate family earned income during the reporting period; and

(iii) Business entity of which the individual or member of the individual's immediate family member was a partial owner, if the business entity did business with the individual's board or commission during the reporting period, and the individual or member of the individual's immediate family earned income during the reporting period.

(b) A disclosure required under this subsection shall include:

(i) The name and address of the place of salaried employment or business entity owned;

(ii) Whether the relationship is an employment or ownership interest; and

(iii) The identity of the holder of the interest or employment.

(11) Relationship with University of Maryland Medical System, State or Local Government, or Quasi-Governmental Entity.

(a) An individual shall disclose the information specified in General Provisions Article § 5-607(j)(1), Annotated Code of Maryland, for any financial or contractual relationship with:

(i) The University of Maryland Medical System;

(ii) A governmental entity of the State or a local government in the State; or

(iii) A quasi-governmental entity of the State or local government in the State.

(b) For each financial or contractual relationship reported, the schedule shall include:

(i) A description of the relationship;

(ii) The subject matter of the relationship; and

(iii) The consideration.

(12) An individual may disclose any other interests or information that has not been disclosed and that the individual chooses to disclose.

C. An individual who files a financial disclosure statement using the electronic filing system of the Commission may disclose the following information in the ranges specified in the electronic filing system:

(1) For a real property interest:

(a) If the interest is held jointly with other persons, the percentage interest held by each owner;

(b) The consideration paid when the interest was acquired, the fair market value if acquired other than by purchase, or the annual rent if the individual rents the property; and

(c) If any portion of the interest was transferred in the reporting period, the percentage of the interest that was transferred and the amount of consideration received for the interest;

(2) For an interest in a corporation:

(a) The number of shares held or the value of the shares;

(b) If the interest is held jointly with other persons, the percentage interest held by each owner;

(c) If an interest was acquired during the reporting period in a manner other than by dividend or dividend reinvestment or over $500 was acquired by dividend or dividend reinvestment, the dollar amount paid or, if acquired in a manner other than by purchase, the fair market value at the time of acquisition; and

(d) If an interest was transferred during the reporting period, the percentage of interest transferred and the amount of consideration received for the interest;

(3) For an interest in a noncorporate business entity doing business with the State:

(a) If the interest is jointly held with other persons, the percentage interest held by each owner;

(b) The value of the interest held by the individual;

(c) If the interest was acquired during the reporting period, the consideration paid or the fair market value if acquired other than by purchase; and

(d) If an interest was transferred during the reporting period, the percentage of interest transferred and the amount of consideration received for the interest; and

(4) For a debt owed to an entity doing business with the State:

(a) The interest rate;

(b) The amount of the debt at the end of the reporting period; and

(c) The amount by which the debt increased or decreased during the reporting period.

Md. Code Regs. 19A.03.01.04

Regulation .04 adopted effective April 13, 1992 (19:7 Md. R. 746)
Regulation .04 amended effective 42:10 Md. R. 685, eff.5/25/2015; amended effective 49:3 Md. R. 138, eff. 2/7/2022