(a)    The provisions of this section are broadly applicable and apply to all contracts, leases, or other agreements entered into by the State.

(b)    (1)    In this section, “beneficial ownership” means:

(i)    any ownership interest of 5% or more in a business;

(ii)    any ownership interest of 5% or more in 1 or more entities in a chain of parent and subsidiary entities, any 1 of which participates in at least 5% of the capital or profits of a business; or

(iii)    possession of an interest that exists under an agreement, contract, relationship, understanding, or other arrangement and entitles a person to benefits substantially equivalent to an ownership interest of 5% or more of a business.

(2)    In this section, unless there are special circumstances, an individual is deemed to hold an ownership interest that is held by the individual’s spouse, the individual’s child, or other relative of the individual who lives in the individual’s home.

(c)    (1)    If, during a calendar year, a business enters into contracts, leases, or other agreements, with the State or its units or both, under which the business is to receive from the State or its units or both a total of $200,000 or more, the business shall file with the Secretary of State a list that contains the name and address of:

(i)    any resident agent of the business;

(ii)    each officer of the business; and

(iii)    if known, each person who has beneficial ownership of the business.

(2)    The list shall be filed within 30 days of the date when the total value of the contracts, leases, or other agreements entered into during the calendar year reaches $200,000.

(3)    If a person who has beneficial ownership is unknown to the business, it is sufficient for the business to disclose the legal ownership or the identity of the nominee who holds title for the unknown person.

(d)    A business or an officer of a business who violates any provision of this section is guilty of a misdemeanor and on conviction is subject to a fine not exceeding $10,000.