2005 Maine Code - §1016-B — Disclosure of reportable liabilities

Each Legislator shall include on the statement of income under section 1016-A all reportable liabilities incurred during the Legislator's term of office. [1989, c. 561, §10 (new).]

      1. Definition. For the purposes of this section, "reportable liability" means any unsecured loan of $3000 or more received from a person not a relative. "Reportable liability" does not include:

A. A credit card liability; [1991, c. 331, §1 (new).]
B. An educational loan made or guaranteed by a governmental entity, educational institution or nonprofit organization; or [1991, c. 331, §1 (new).]
C. A loan made from a state or federally regulated financial institution for business purposes. [1991, c. 331, §1 (new).] [1991, c. 331, §1 (amd).]
      2. Reporting. A Legislator shall make a supplementary statement to the commission of any reportable liability within 30 days after it is incurred. The report shall identify the creditor in the manner of section 1016-A, subsection 1, paragraph C.[1989, c. 561, §10 (new).]
      3. Campaign contributions. Campaign contributions duly recorded as required by law are not required to be reported under this section.[1989, c. 561, §10 (new).]

Section History:

PL 1989, Ch. 561, §10 (NEW).
PL 1991, Ch. 331, §1 (AMD).

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