§ 7-1-404. INTERESTS DEFINED.

(a)

Interests defined. The following are deemed to be interests of the individual under § 7-1-403(b), (c), and (d) of this subtitle:

(1)

An interest held by a spouse or child of the individual, if the interest was directly or indirectly controlled by the individual at any time during the applicable period;

(2)

An interest held by a business entity in which the individual held a 30% or greater interest at any time during the applicable period; and

(3)

An interest held by a trust or an estate in which, at any time during the applicable period, the individual:

(i)

Held a reversionary interest;

(ii)

Was a beneficiary; or

(iii)

If a revocable trust, was a settlor.

(b)

Applicability. Subsection (a)(2) of this section does not affect:

(1)

The requirement under § 7-1-403(b) of this subtitle of disclosure of real estate interests held in the name of a partnership, limited liability partnership, or limited liability company in which the individual holds an interest; and

(2)

The requirement under § 7-1-403(c) of this subtitle of disclosure of all partnerships, limited liability partnerships, or limited liability companies in which the individual holds an interest.

(c)

Interest in blind trust. For the purposes of § 7-1-403 of this subtitle and the disclosure required by that section, interests held by a blind trust may not be considered to be interests of the person making the statement if the blind trust is approved by the Ethics Commission in accordance with regulations adopted by the Commission and is operated in compliance with those regulations.

(Bill No. 75-11, § 8, 1-1-2012)