PRINTER'S NO. 1810
No. 1207 Session of 2004
INTRODUCED BY KUKOVICH, JULY 30, 2004
REFERRED TO STATE GOVERNMENT, JULY 30, 2004
AN ACT
1 Amending Title 65 (Public Officers) of the Pennsylvania
2 Consolidated Statutes, further defining "financial interest"
3 for purposes of ethics standards and financial disclosure;
4 and making a related repeal.
5 The General Assembly of the Commonwealth of Pennsylvania
6 hereby enacts as follows:
7 Section 1. The definition of "financial interest" in section
8 1102 of Title 65 of the Pennsylvania Consolidated Statutes is
9 amended to read:
10 § 1102. Definitions.
11 The following words and phrases when used in this chapter
12 shall have, unless the context clearly indicates otherwise, the
13 meanings given to them in this section:
14 * * *
15 "Financial interest." Any of the following:
16 (1) Any financial interest in a legal entity engaged in
17 business for profit which comprises more than 5% of the
18 equity of the business or more than 5% of the assets of the
1 economic interest in indebtedness.
2 (2) Owning or holding any security of the equity or fair
3 market value of a licensed racing entity or licensed gaming
4 entity as defined in 4 Pa.C.S. Pt. II (relating to gaming),
5 its holding company, affiliate, intermediary or subsidiary
6 business. For purposes of this paragraph, the term shall not
7 include any such security that is held in a blind trust over
8 which the executive-level State employee, public official,
9 party officer or immediate family member thereof may not
10 exercise any managerial control or receive income during the
11 tenure of office and for one year following termination of
12 the person's status as an executive-level State employee,
13 public official or party officer.
14 * * *
15 Section 2. The provisions of 4 Pa.C.S. § 1512 are repealed.
16 Section 3. This act shall take effect immediately.
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