A former public official, former public member, or former public employee holding public office, membership, or employment on or after January 1, 1992, may not for a period of one year after terminating his public service or employment:
(1) serve as a lobbyist or represent clients before the agency or department on which he formerly served in a matter which he directly and substantially participated during his public service or employment; or(2) accept employment if the employment: (a) is from a person who is regulated by the agency or department on which the former public official, former public member, or former public employee served or was employed; and(b) involves a matter in which the former public official, former public member, or former public employee directly and substantially participated during his public service or public employment.1991 Act No. 248, Section 3, eff 1/1/1992 and governs only transactions which take place after December 31, 1991.