§ 5-608

Maryland § 5-608

• Jurisdiction: Maryland
• Article ggp: General Provisions
• Title: 5

Text

(a) The following are deemed to be interests of the individual under § 5–607(b), (c), (d), (j), and (k) of this subtitle:

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

(2) an interest held, at any time during the applicable period, by:

(i) a business entity in which the individual held a 10% or greater interest;

(ii) a business entity described in item (i) of this item in which the business entity held a 25% or greater interest;

(iii) a business entity described in item (ii) of this item in which the business entity held a 50% or greater interest; and

(iv) a business entity in which the individual directly or indirectly, through an interest in one or a combination of other business entities, holds a 10% or greater interest; 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) Subsection (a)(2) of this section does not affect:

(1) the requirement under § 5–607(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; or

(2) the requirement under § 5–607(c) of this subtitle of disclosure of all partnerships, limited liability partnerships, or limited liability companies in which the individual holds an interest.

(c) For the purposes of § 5–607 of this subtitle, 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 under § 5–501(b) or § 5–502(c) of this title and is operated in compliance with those regulations.