Chapter 181

2004 -- S 2421

Enacted 06/26/04

A N A C T

RELATING TO THE CODE OF ETHICS

Introduced By: Senators Lenihan, Sosnowski, Sheehan, Polisena, and Cote

Date Introduced: February 11, 2004

It is enacted by the General Assembly as follows:

     SECTION 1. Section 36-14-17 of the General Laws in Chapter 36-14 entitled "Code of

Ethics" is hereby amended to read as follows:

36-14-17. Content of financial statement. -- (a) The financial statement required herein

shall be on a form prescribed by the commission and shall include the account of the financial

activity of the person required to file the statement by this chapter, the financial activity of his or

her spouse (if not estranged), and any dependent children for the preceding calendar year.

      (b) The account of financial activity referred to in subsection (a) of this section shall

consist of:

      (1) If he or she or any person enumerated in subsection (a) of this section or a business

entity in which he or she or any person enumerated as aforesaid held a ten percent (10%) or

greater equity interest or five thousand dollars ($5,000) or greater cash value interest at any time

during the calendar year for which the statement is required has done business with a state or

municipal agency or a business which is subject to direct regulation greater than of a de minimus

nature by a state or municipal agency, and if so, the date and nature of the business;

      (2) A list of all sources of occupational income identified by employer or, if self

employed, by the nature of occupation or profession, and if income was received from a state or

municipal agency, the name and address of the agency and the nature of the services rendered;

      (3) A listing of all real property in which a financial interest was held; however, this

section shall not apply to real property used exclusively as his or her principal residence;

      (4) Identification of any interested person, business entity, or other organization from

whom the person or his or her spouse (if not estranged) or any dependent child received a gift or

contribution of money or property in excess of one hundred dollars ($100) in value or a series of

gifts or contributions of money or property, the total of which exceeds one hundred dollars ($100)

in value received from the same source, and a description of each gift or contributions, except

those received from persons related to the person at any time within the third degree of

consanguinity or affinity and campaign contributions which were reported as required by law; for

purposes of this subsection, “interested person,” means a person or a representative of a person or

business that has a direct financial interest in a decision that the person subject to the Code of

Ethics is authorized to make, or to participate in the making of, as part of his or her official

duties;

      (5) Identification of the source of all income received as beneficiary of a trust and

identification of each asset, if known to the beneficiary, from which income was received by the

beneficiary in excess of one thousand dollars ($1,000);

      (6) A list of all boards of directors of which the person is a member and executive

positions which he or she holds in any business entity, stating the name and address of each

business entity;

      (7) The name and address of any business entity in which he or she or any person

enumerated in subsection (a) of this section held a ten percent (10%) or greater equity interest or

five thousand dollars ($5,000) or greater cash value interest in at any time during the calendar

year for which the statement is required; and

      (8) (i) Identification of any person, business entity, financial institution or other

organization to whom the person was indebted at any time during the calendar year for which the

statement is required in an amount in excess of one thousand dollars ($1,000) other than:

      (A) Any person related to the person at any time within the third degree of consanguinity

or affinity; or

      (B) Any transactions involving credit cards; or

      (C) Any indebtedness to a financial institution, licensed and regulated by any state or by

the United States, which is secured solely by a mortgage of record on real property used

exclusively as the principal residence of the person required to file the statement.

      (ii) This section does not require the reporting of the amount or amounts of the

indebtedness or the payment record of the loans.

      (c) The financial statement shall be sworn to under oath.

     SECTION 2. This act shall take effect upon passage.

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LC01441

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