THE SENATE	S.B. NO.	2562
TWENTY-SIXTH LEGISLATURE, 2012
STATE OF HAWAII

A BILL FOR AN ACT

relating to the ethics code.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Section 84-17, Hawaii Revised Statutes, is amended by amending subsection (f) to read as follows:

     "(f)  Candidates for state elective offices, including candidates for election to the constitutional convention, shall only be required to disclose their own financial interests.  The disclosures of financial interests of all other persons designated in subsection (c) shall state, in addition to the financial interests of the person disclosing, the financial interests of the person's spouse and dependent children.  All disclosures shall include:

     (1)  The source and amount of all income of $1,000 or more received, for services rendered, by the person in the person's own name or by any other person for the person's use or benefit during the preceding calendar year and the nature of the services rendered; provided that information that may be privileged by law or individual items of compensation that constitute a portion of the gross income of the business or profession from which the person derives income need not be disclosed;

     (2)  The amount and identity of every ownership or beneficial interest held during the disclosure period in any business having a value of [$5,000] $10,000 or more or equal to ten per cent of the ownership of the business and, if the interest was transferred during the disclosure period, the date of the transfer; provided that an interest in the form of an account in a federal or state regulated financial institution, an interest in the form of a policy in a mutual insurance company, or individual items in a mutual fund or a blind trust, if the mutual fund or blind trust has been disclosed pursuant to this paragraph, need not be disclosed;

     (3)  Every officership, directorship, trusteeship, or other fiduciary relationship held in a business during the disclosure period, the term of office and the annual compensation;

     (4)  The name of each creditor to whom the value of $3,000 or more was owed during the disclosure period and the original amount and amount outstanding; provided that debts arising out of retail installment transactions for the purchase of consumer goods need not be disclosed;

     (5)  The street address and, if available, the tax map key number, and the value of any real property in which the person holds an interest whose value is $10,000 or more, and, if the interest was transferred or obtained during the disclosure period, a statement of the amount and nature of the consideration received or paid in exchange for such interest, and the name of the person furnishing or receiving the consideration; provided that disclosure shall not be required of the street address and tax map key number of the person's residence;

     (6)  The names of clients personally represented before state agencies, except in ministerial matters, for a fee or compensation during the disclosure period and the names of the state agencies involved; and

     (7)  The amount and identity of every creditor interest in an insolvent business held during the disclosure period having a value of $5,000 or more."

     SECTION 2.  Statutory material to be repealed is bracketed and stricken.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect upon its approval.

INTRODUCED BY:

_____________________________

Report Title:

Financial Disclosure Statements; Ownership Interest Threshold Amount

Description:

Increases the financial disclosure threshold amount from $5,000 to $10,000 for ownership or beneficiary interests of candidates for state elective offices and other persons required to disclose financial interests.

The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.