The bill amends Section 36-14-17 of the General Laws in Chapter 36-14, entitled "Code of Ethics," to require public officials or employees to disclose more detailed financial information on their mandated financial statements. The financial statement must account for the financial activity of the person required to file, their spouse (unless estranged), and any dependent children for the previous calendar year. The statement must include business dealings with state or municipal agencies, a list of all sources of occupational income, real property interests (excluding principal residences), gifts or contributions over $100 from interested persons, income from trusts, board memberships and executive positions in businesses, and equity or cash value interests in businesses.

The bill also introduces new requirements for disclosing unsatisfied default judgments of credit card debt over $1,000. Previously, transactions involving credit cards were exempt from reporting, but the bill removes this exemption for unsatisfied default judgments. The financial statement must be sworn under oath, and the act is set to take effect on January 1, 2024. The explanation provided by the Legislative Council clarifies that the purpose of the act is to require the disclosure of unsatisfied default judgments of credit card debt on financial statements.

Statutes affected:
1135: 36-14-17