(a) Each financial disclosure statement filed under Section 19A-17(a) must disclose the following:
(1) Interests in real property.
(A) The statement must identify each interest in real property, regardless of the property’s location.
(B) For each interest in real property, the statement must include:
(i) the nature of the property, and the location by street address, mailing address, or legal description of the property;
(ii) the nature and extent of the interest held, including any condition or encumbrance on the interest;
(iii) the date when, the manner in which, and the identity of the person from whom the interest was acquired;
(iv) the nature and amount of the consideration given in exchange for the interest or, if the interest was acquired other than by purchase, the fair market value of the interest when it was acquired;
(v) if any interest was transferred, in whole or in part, at any time during the reporting period, a description of the interest transferred, the nature and amount of the consideration received for the interest, and the identity of each person to whom the interest was transferred; and
(vi) the identity of any other person with an interest in the property.
(2) Interests in corporations, partnerships or other businesses.
(A) The statement must list each interest in any corporation, partnership, limited liability partnership, limited liability corporation, sole proprietorship, or other business.
(B) For each interest reported, the statement must specify:
(i) the name and, unless the interest is traded publicly on a national exchange, the address of the principal office of the corporation, partnership, limited liability partnership, limited liability corporation, sole proprietorship, or other business;
(ii) the nature and amount of the interest held, including any condition or encumbrance on the interest;
(iii) for any interest transferred, in whole or in part, at any time during the reporting period, a description of the interest transferred, the nature and amount of the consideration received for the interest, and, if known, the identity of the person to whom the interest was transferred; and
(iv) for any interest acquired during the reporting period:
(1) the date when, the manner in which, and the identity of the person from whom the interest was acquired; and
(2) the nature and amount of the consideration given in exchange for the interest or, if the interest was acquired other than by purchase, the fair market value of the interest when it was acquired.
(C) A filer may satisfy the requirement to report the amount of the interest held under subparagraph (B)(ii) by reporting, instead of a dollar amount:
(i) for an equity interest in a corporation, the number of shares held and, unless the corporation’s stock is publicly traded, the percentage of equity interest held; or
(ii) for an equity interest in a partnership, the percentage of equity interest held.
(3) The Commission may, by method 2 regulation, permit a filer to satisfy the requirement to report the amount of consideration paid or received for an interest in real property, a corporation, partnership, or other business by identifying a category of values established in the regulation.
(4) Gifts.
(A) The statement must list each gift valued at more than $20 or any series of gifts totaling $100 or more received during the reporting period from or on behalf of, directly or indirectly, a restricted donor.
(B) For each gift listed, the statement must specify:
(i) the nature and value of the gift; and
(ii) the identity of the person from whom, or on behalf of whom, directly or indirectly, the gift was received.
(5) Employment with, or interests in, entities doing business with the County.
(A) The statement must identify each office, directorship, and salaried employment by the filer or member of the filer’s immediate family held at any time during the reporting period with any entity doing business with the County.
(B) For each position listed under this Section, the statement must include:
(i) the name and address of the principal office of the business entity;
(ii) the title and nature of the office, directorship, or salaried employment held, and the date it started; and
(iii) the name of each County agency with which the entity is involved, indicated by identifying one or more of the three categories of “doing business”, as defined in Section 19A-4(e).
(6) Indebtedness to entities doing business with the County.
(A) The statement must identify each liability, other than a retail credit account to any person doing business with the County owed at any time during the reporting period by:
(i) the filer; or
(ii) a member of the filer’s immediate family if the filer was involved in the transaction giving rise to the liability.
(B) For each liability reported under this paragraph, the statement must specify:
(i) the identity of the person to whom the liability was owed, and the date the liability was incurred;
(ii) the amount of the liability owed at the end of the reporting period;
(iii) the terms of payment of the liability, and the extent to which the principal amount of the liability was increased or reduced during the year; and
(iv) the security, if any, given for the liability.
(7) Employment with the County. The statement must identify each immediate family member of the filer employed by the County in any capacity at any time during the reporting period.
(8) Sources of earned income.
(A) The statement must list the name and address of:
(i) each employer of the filer, other than the County Government;
(ii) each employer of a member of the filer’s immediate family;
(iii) each business entity of which the filer or a member of the filer’s immediate family was a sole or partial owner and from which the filer or member of the filer’s immediate family received earned income at any time during the reporting period; and
(iv) for an elected official or a non-merit County employee, the source of all fees received from one individual or organization totaling more than $1,000 for services provided by the filer while employed by the County during the reporting period. A filer does not need to include any information with respect to any person for whom services were provided by any firm or association of which the filer was a member, partner, or employee unless the filer was directly involved in providing those services.
(B) The filer need not disclose a minor child’s employment or business ownership if the agency with which the filer is affiliated does not regulate, exercise authority over, or contract with the place of employment or business entity of the minor child.
(C) Unless the source of a fee greater than $1,000 is a restricted donor, a filer subject to subparagraph (A)(iv) does not need to disclose the identity of a source of a fee for services if the source and the filer have a confidential relationship which creates a privilege against testifying under State law. The filer must identify a restricted donor source who has a confidential relationship with the filer confidentially as prescribed by the Commission.
(9) Income for lobbying activity. The statement must list the name and address of any entity that has hired the filer’s spouse to lobby under this Chapter.
(10) The statement may also include any additional interest or information that the filer wishes to disclose.
(11) Relationship with University of Maryland Medical System, state or local government, or quasi-governmental entities.
(A) A filer must disclose any financial or contractual relationship with:
(i) the University of Maryland Medical System;
(ii) a governmental entity of the State of Maryland or of a local government in the State of Maryland; or
(iii) a quasi-governmental entity.
(B) For each financial or contractual relationship reported, the schedule must include:
(i) a description of the relationship;
(ii) the subject matter of the relationship; and
(iii) the consideration.
(C) A public employee, other than an elected official or candidate for elective office, is not required to disclose employment as a public official under this paragraph.
(D) Prior to the release of a statement, the Commission must redact any information concerning consideration disclosed under this paragraph.
(b) For the purposes of subsections (a)(1) and (a)(2), the following interests must be treated as the interests of the filer of the statement:
(1) an interest held by a member of the filer’s immediate family;
(2) an interest held by a relative of the filer, if the filer, at any time during the reporting period, directly or indirectly controlled the interest;
(3) an interest held by a trust or estate in which, at any time during the reporting period:
(A) the filer held a reversionary interest or was a beneficiary; or
(B) if a revocable trust, the filer was a settlor; or
(4) An interest held, at any time during the reporting period, by:
(A) a business entity in which the filer held a 10% or greater interest;
(B) a business entity under subparagraph (A) of this subsection in which the business entity held a 25% or greater interest;
(C) a business entity under subparagraph (B) of this subsection in which the business entity held a 50% or greater interest; and
(D) a business entity in which the filer directly or indirectly, through an interest in one or a combination of other business entities, holds a 10% or greater interest.
(c) Each statement filed under Sections 19A-17(b) and 19A-17(c) must disclose all information required to be disclosed under subsection (a). However, the filer need not specify the nature or amount of consideration given in exchange for an interest or the fair market value of an interest. For a debt, the filer need only disclose the information required under subsection (a)(6)(A).
(d) For each disclosure of the name of a business in a statement filed under this Article, the filer must also disclose any other names that the business is trading as or doing business as. (1990 L.M.C., ch. 21, § 1; 1994 L.M.C., ch. 25, § 1; 1994 L.M.C., ch. 28, § 1; 2001 L.M.C., ch. 4, § 1; 2015 L.M.C., ch. 38, § 1; 2016 L.M.C., ch. 2, § 1; 2018 L.M.C., ch. 7, §1; 2020 L.M.C., ch. 40, § 1; 2022 L.M.C., ch. 33, § 1.)
Editor’s note—2020 L.M.C., ch. 40, § 2, states: Name. This Act must be known as the Public Accountability and County Transparency (PACT) Act.