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HF2672 (Legislative Session 94 (2025-2026))

Statement of economic interest disclosure amended, and additional disclosure related to stock required.

Related bill: SF1259

AI Generated Summary

Purpose of the Bill

The bill aims to enhance transparency and improve the existing disclosure requirements for individuals involved in public service in Minnesota by amending the statement of economic interest forms.

Main Provisions

  • Disclosure Requirements: The bill mandates individuals to disclose their economic interests on a form prescribed by the relevant board.
  • Detailed Reporting: Individuals must provide detailed information about their personal and financial interests, including:
    • Name, address, occupation, and main place of business.
    • Names and associations with businesses.
    • Details of real property interests, excluding homestead property, valued over certain thresholds.
    • Listings of interactions with parimutuel horse racing interests in the US and Canada.
    • Monthly income sources, specifically from employment or independent contracting, if earnings exceed specified amounts.
    • New Requirement on Stock Disclosure: Full listing of all stocks worth over $10,000 with details of purchase or sale during the reporting period.
    • Existing contracts, licenses, or franchises held with the government agency where the official serves.

Significant Changes to Existing Law

  • Additional Stock Disclosure: Introduces a requirement for detailed stock disclosure, including purchase and sale dates, to enhance financial transparency of public officials and their spouses.
  • Extended Scope of Financial Disclosure: Expands the types of economic interests that must be disclosed, particularly focusing on securities and professional income.

Relevant Terms

  • Campaign Finance
  • Economic Interest Disclosure
  • Real Property
  • Parimutuel Horse Racing
  • Security and Stock Ownership
  • Government Contracts
  • Public Official Transparency

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 23, 2025HouseFloorActionIntroduction and first reading, referred toElections Finance and Government Operations

Citations

 
[
  {
    "analysis": {
      "added": [
        "New requirements for disclosing stock ownership over $10,000."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill amends the requirements for disclosing economic interests under section 10A.09, subdivision 5.",
      "modified": [
        "Clarifies the types of business interests to be disclosed and the format for listing real property interests."
      ]
    },
    "citation": "10A.09",
    "subdivision": "subdivision 5"
  }
]

Sponsors