§ 36-14-18. Disclosure of regulated business interests. (a) Every person who is required to file a financial statement pursuant to this chapter and who has, acquires, or divests him or herself of ten percent (10%) or greater equity interest or five thousand dollars ($5,000) or greater cash value interest in a business entity which is subject to direct regulation, greater than of a de minimus nature, by a state or municipal agency, or which does any business with a state or municipal agency, shall file with the commission at the times specified by this chapter, an affidavit:

(1) Identifying him or herself and stating the capacity in which he or she serves or is about to serve which occasions the filing of the affidavit;

(2) Identifying the business entity (or each business entity);

(3) Identifying the regulatory agency or agencies;

(4) Stating the nature of his or her interest in the business entity;

(5) Describing the manner in which the business entity is subject to regulation; and

(6) Stating whether the interest is held, or was acquired or divested, and if acquired or divested, when.

(b) The nature of an interest in a business entity shall be described in specific language.

(c) Every state or municipal official to which this section applies who holds office on January 1, 1988, and who has any interest required to be reported pursuant to this section, shall file the affidavit within ninety (90) days after January 1, 1988.

(d) If a state or municipal official to which this section applies, acquires or divests him or herself of an interest, required to be reported pursuant to this section, he or she shall file the affidavit within thirty (30) days after the date the interest was acquired or divested.

(e) In the case of appointments made after January 1, 1988, a state or municipal official who has any interest required to be reported pursuant to this section shall file the affidavit within thirty (30) days after the date of his or her appointment or the date he or she qualifies for the office.

History of Section. (P.L. 1987, ch. 195, § 3.)