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Personal Financial Disclosure Creditor and Debtor

Personal Financial Disclosure: Creditor and Debtor Requirements

Updated June 2014

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This table provides general information and does not necessarily address all aspects of this topic. Because the facts of each situation may vary, this information may need to be supplemented by consulting legal advisors.  It reflects in summary form statutes in effect as of 12/31/13 or statutes set to take effect shortly thereafter.

AL | AK | AZ | AR | CA | COCT | DE | DCFL | GA | HI | ID | IL | IN | IA | KS | KY | LA | ME | MD | MA | MI | MN | MS | MO | MT | NE | NV | NH | NJ | NM | NY | NC | ND | OH | OK | OR | PA | PR | RI | SC | SD | TN | TX | UT | VT | VA | WA | WV | WI | WY|W
STATES
TITLE
Alabama
36.25.14

(7) A listing of indebtedness to businesses operating in Alabama showing types and number of each as follows: Banks, savings and loan associations, insurance companies, mortgage firms, stockbrokers and brokerages or bond firms; and the indebtedness to combined organizations in the following categorical amounts: Less than twenty-five thousand dollars ($25,000); twenty-five thousand dollars ($25,000) and less than fifty thousand dollars ($50,000); fifty thousand dollars ($50,000) and less than one hundred thousand dollars ($100,000); one hundred thousand dollars ($100,000) and less than one hundred fifty thousand dollars ($150,000); one hundred fifty thousand dollars ($150,000) and less than two hundred fifty thousand dollars ($250,000); two hundred fifty thousand dollars ($250,000) or more. The commission may add additional business to this listing.

Indebtedness associated with the homestead of the person filing is exempted from this disclosure requirement.

Alaska
39.50.030
24.60.200

(5) ) any loan or loan guarantee of more than $1,000 made to the person, the person's spouse or domestic partner, or the person's dependent child, and the identity of the maker of the loan or loan guarantor and the identity of each creditor to whom the person, the person's spouse or domestic partner, or the person's dependent child owed more than $1,000; this paragraph requires disclosure of a loan, loan guarantee, or indebtedness only if the loan or guarantee was made, or the indebtedness incurred, during the preceding calendar year, or if the amount still owing on the loan, loan guarantee, or indebtedness was more than $1,000 at any time during the preceding calendar year;

(3) as to each loan or loan guarantee over $1,000 from a source with a substantial interest in legislative, administrative, or political action, the name and address of the person making the loan or guarantee, the amount of the loan, the terms and conditions under which the loan or guarantee was given, the amount outstanding at the time of filing, and whether or not a written loan agreement exists.

Arizona
38-542

6. The names and addresses of all creditors to whom the public officer or members of his household, in their own names or in the name of any other person, owed a debt of more than one thousand dollars or to whom a controlled business or a dependent business owed a debt of more than ten thousand dollars which was also more than thirty per cent of the total business indebtedness at any time during the preceding calendar year, listing each such creditor. This paragraph shall not be construed to require the disclosure of debts owed by the public officer or any member of his household resulting from the ordinary conduct of a business other than a controlled or dependent business. Nor shall disclosure be required of credit card transactions, retail installment contracts, debts on residences or recreational property exempt from disclosure under paragraph 5 of this subsection, debts on motor vehicles not used for commercial purposes, debts secured by cash values on life insurance or debts owed to relatives. It is sufficient disclosure of a creditor if the name and address of a person to whom payments are made is disclosed. If the public officer, any member of his household or a controlled or dependent business incurred or discharged a debt which is reportable under this subsection during the preceding calendar year, the report shall disclose that the transaction was made and the date it occurred.

7. The identification and amount of each debt exceeding one thousand dollars owed at any time during the preceding calendar year to the public officer and members of his household in their own names, or to any other person for the use or benefit of the public officer or any member of his household. The disclosure shall include the identification and amount of each debt exceeding ten thousand dollars to a controlled business or dependent business which was also more than thirty per cent of the total indebtedness to the business at any time during the preceding calendar year. This paragraph shall not be construed to require the disclosure of debts from the ordinary conduct of a business other than a controlled or dependent business. If the public officer, any member of his household or a controlled or dependent business incurred or discharged a debt which is reportable under this subsection during the preceding year, the report shall disclose that the transaction was made and the date it occurred.

Arkansas
21-8-701

(6) (A) The name and address of each creditor to whom the value of five thousand dollars ($5,000) or more was personally owed or personally obligated and is still outstanding by the public servant or candidate.

(B) (i) Loans made in the ordinary course of business by either a financial institution or a person who regularly and customarily extends credit shall not be required to be disclosed.

(ii) Debts owed to the members of the public servant's or candidate's family need not be included;

(7) (A) The name and address of each guarantor or co-maker, other than a member of the public servant's or candidate's family, who has guaranteed a debt of the public servant or candidate that is still outstanding.

(B) (i) This requirement shall be applicable only to debt guaranties for debts assumed or arising after January 1, 1989.

(ii) Guaranteed debts existing prior to January 1, 1989, which are extended or refinanced shall become subject to disclosure in the annual financing statement due to be filed after the conclusion of the year in which such extension or refinancing occurred.

California
Government Code
Title 9
Chapter 7
Article 2
87207

a) When income is required to be reported under this article, the statement shall contain, except as provided in subdivision (b)…

(2) A statement whether the aggregate value of income from each source, or in the case of a loan, the highest amount owed to each source, was at least five hundred dollars ($500) but did not exceed one thousand dollars ($1,000), whether it was in excess of one thousand dollars ($1,000) but was not greater than ten thousand dollars ($10,000), whether it was greater than ten thousand dollars ($10,000) but not greater than one hundred thousand dollars ($100,000), or whether it was greater than one hundred thousand dollars ($100,000).

(5) In the case of a loan, the annual interest rate, the security, if any, given for the loan, and the term of the loan.
Colorado
24-6-202
24-6-203

(f) The name of each creditor to whom the person making disclosure, his spouse, or minor children owe money in excess of one thousand dollars and the interest rate;

a)      Subject to the requirements of subsection (3.5) of this section, any money, including but not limited to a loan, pledge, or advance of money or a guarantee of a loan of money, with a value of twenty-five dollars or more;

(c) Any loan of any item of real or personal property, other than money, if the value of the loan is fifty dollars or more. For such purpose, the "value of the loan" means the cost saved or avoided by the incumbent or elected candidate by not borrowing, leasing, or purchasing comparable property from a source available to the general public.

I) A gift of any money, including but not limited to a loan, pledge, or advance of money, a guarantee of a loan of money, or any monetary payment given, directly or indirectly, for the purpose of defraying any expenses related to the official duties undertaken by the incumbent or elected candidate; or

Connecticut
Title 1
Chapter 10
Section 1-83

(b) (1) (F) the names and addresses of creditors to whom the individual, the individual's spouse or dependent children, individually, owed debts of more than ten thousand dollars;

Delaware
Title 29
Part V
Chapter 58
Subchapter II
Section 5813

(a) Every public officer as defined in § 5812 of this title shall file a report disclosing financial interests, as hereinafter provided. Each report shall be on a form prescribed by the Commission, shall be signed by the public officer and shall include at least the following information:

(5) Each creditor to whom the public officer was indebted for a period of 90 consecutive days or more during the preceding calendar year in an aggregate amount in excess of $1,000.

District of Columbia

N/A

Florida
Title X
Chapter 112.3144
112.3148
112.3149

(b) 1.  With respect to reporting liabilities valued in excess of $1,000 on forms prescribed under this section for which the reporting individual is jointly and severally liable, the amount reported shall be based on the reporting individual's percentage of liability rather than the total amount of the liability. However, liability for a debt that is secured by property owned by the reporting individual but that is held jointly, with right of survivorship, must be reported at 100 percent of the total amount owed.

(3) Otherwise, the statement of financial interests shall include, at the filer's option, either:

4.  Every individual liability that equals more than the reporting person's net worth; or

4.  Every liability in excess of $10,000.

Georgia

None

Guam

N/A

Hawaii
84-17

(4)  The name of each creditor to whom the value of $3,000 or more was owed during the disclosure period and the original amount and amount outstanding; provided that debts arising out of retail installment transactions for the purchase of consumer goods need not be disclosed;

(7)  The amount and identity of every creditor interest in an insolvent business held during the disclosure period having a value of $5,000 or more.

Idaho

No financial disclosure requirements.

Illinois

None

Indiana

None

Iowa

None

Kansas

None

Kentucky
KRS 6.787

(j) The name of any creditor owed more than ten thousand dollars ($10,000), except debts arising from the purchase of consumer goods. As used in this paragraph, the term "consumer goods" has the same meaning as in KRS 355.9-102;

Louisiana
1124.2

(9)  The name and address of each creditor, and name of each guarantor, if any, to whom the individual or spouse owes any liability which exceeds ten thousand dollars on the last day of the reporting period excluding:
(a)  Any loan secured by movable property, if such loan does not exceed the purchase price of the movable property which secures it.
(b)  Any liability, secured or unsecured, which is guaranteed by the individual or spouse for a business in which the individual or spouse owns any interest, provided that the liability is in the name of the business and, if the liability is a loan, that the individual or spouse does not use proceeds from the loan for personal use unrelated to the business.
(c)  Any loan by a licensed financial institution which loans money in the ordinary course of business.
(d)  Any liability resulting from a consumer credit transaction as defined in R.S. 9:3516(13).

(e)  Any loan from an immediate family member, unless such family member is a registered lobbyist, or his principal or employer is a registered lobbyist, or he employs or is a principal of a registered lobbyist, or unless such family member has a contract with the state.
Maine
Title 1
Chapter 25
Subchapter 2
Section 1012;
Section 1016-G

7. "Income" does not include alimony and separate maintenance payments, child support payments or campaign contributions accepted for state or federal office or funds or other property held in trust for another, including but not limited to money spent on behalf of a client for payment of a licensing or filing fee.

8-A. 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;
B. An educational loan made or guaranteed by a governmental entity, educational institution or nonprofit organization; or
C. A loan made from a state or federally regulated financial institution for business purposes.

(The financial disclosure) statment must include:
M.
All reportable liabilities incurred by the Legislator or a member of the Legislator's immediate family during the reporting period.

Maryland
15-601
15-513

(g) (1) The statement shall include a schedule, to the extent the individual may reasonably be expected to know, of each debt, excluding retail credit accounts, owed at any time during the applicable period to entities doing business with the State:
(i) by the individual; and
(ii) if the individual was involved in the transaction giving rise to the debt, by any member of the immediate family of the individual.
(2) For each debt, the schedule shall include:
(i) the identity of the entity to which the debt was owed;
(ii) the date it was incurred;
(iii) the amount owed at the end of the applicable period;
(iv) the terms of payment;
(v) the extent to which the principal was increased or decreased during the applicable period; and
(vi) any security given.

Massachusetts
Part IV
Title I
Chapter 268B
Section 5

(3) the name and address of each creditor to whom more than one thousand dollars was owed and the original amount, the amount outstanding, the terms of repayment, and the general nature of the security pledged for each such obligation except that the original amount and the amount outstanding need not be reported for a mortgage on the reporting person’s primary residence; provided, however, that obligations arising out of retail installment transactions, educational loans, medical and dental expenses, debts incurred in the ordinary course of business, and any obligation to make alimony or support payments, shall not be reported; and provided, further, that such information need not be reported if the creditor is a relative of the reporting person within the third degree of consanguinity or affinity;

(8) the name and address of any creditor who has forgiven an indebtedness of over one thousand dollars, and the amount forgiven; provided, however, that no such information need be reported if the creditor is a relative within the third degree of consanguinity or affinity of the reporting person, or the spouse of such a relative;

Michigan

No financial disclosure requirements.

Minnesota

None

Mississippi

None

Missouri

None

Montana

None

Nebraska
49-1496

(e) The name and address of each creditor to whom the value of one thousand dollars or more was owed or guaranteed by the individual or a member of the individual's immediate family, except for the following:

(i) Accounts payable;
(ii) Debts arising out of retail installment transactions;
(iii) Loans made by financial institutions in the ordinary course of business;
(iv) Loans from a relative; and
(v) Land contracts that have been properly recorded with the county clerk or the register of deeds;

Nevada
281A.620

1.  Statements of financial disclosure, as approved pursuant to NRS 281A.470 or in such form as the Commission otherwise prescribes, must contain the following information concerning the candidate for public office or public officer:

(d) The name of each creditor to whom the candidate for public office or public officer or a member of the candidate’s or public officer’s household owes $5,000 or more, except for:

(1) A debt secured by a mortgage or deed of trust of real property which is not required to be listed pursuant to paragraph (c); and

(2) A debt for which a security interest in a motor vehicle for personal use was retained by the seller.

New Hampshire
New Hampshire has unique financial disclosure requirements.
New Jersey
Legislative Code of Ethics 2.14
(Rules)
 

(6) The amounts of all personal liabilities of the member and the member's spouse, except liabilities which are (a) less than $15,000 and owed to a relative; (b) less than $3,000 and owed to any other person; (c) loans secured by a personal motor vehicle, or household furniture or appliances; and (d) revolving charge accounts. As used in this subsection, "relative" means a son, daughter, grandson, granddaughter, father, mother, grandfather, grandmother, great-grandfather, great-grandmother, brother, sister, nephew, niece, uncle or aunt. Relatives by adoption, half-blood, marriage or remarriage shall be treated as relatives of the whole kinship;
(7) The amounts of all personal liabilities otherwise subject to disclosure, pursuant to paragraph (6) of this section, of the member and the member's spouse, that have been forgiven by the creditor within 12 months prior to the statement date. For each forgiven liability, the name of the creditor to whom such a liability was owed shall be stated;

New Mexico

None

New York
Consolidated Laws
Chapter 47
Article 4
Section 73a

List below all notes and accounts receivable, other than from goods or services sold, held by the reporting individual at the close of the taxable year last occurring prior to the date of filing and other debts owed to such individual at the close of the taxable year last occurring prior to the date of filing, in EXCESS of $1,000, including the name of the debtor, type of obligation, date due and the nature of the collateral securing payment of each, if any, excluding securities reported in item 16 hereinabove. Debts, notes and accounts receivable owed to the individual by a relative shall not be reported.

List below all liabilities of the reporting individual and such individual's spouse, in EXCESS of $5,000 as of the date of filing of this statement, other than liabilities to a relative. Do NOT list liabilities incurred by, or guarantees made by, the reporting individual or such individual's spouse or by any proprietorship, partnership or corporation in which the reporting individual or such individual's spouse has an interest, when incurred or made in the ordinary course of the trade, business or professional practice of the reporting individual or such individual's spouse. Include the name of the creditor and any collateral pledged by such individual to secure payment of any such liability. A reporting individual shall not list any obligation to pay maintenance in connection with a matrimonial action, alimony or child support payments. Any loan issued in the ordinary course of business by a financial institution to finance educational costs, the cost of home purchase or improvements for a primary or secondary residence, or purchase of a personally owned motor vehicle, household furniture or appliances shall be excluded. If any such reportable liability has been guaranteed by any third person, list the liability and name the guarantor.

North Carolina
138A-24

A list of each asset and liability included in this subdivision of whatever nature (including legal, equitable, or beneficial interest) with a value of at least ten thousand dollars ($10,000) owned by the filing person and the filing person's immediate family, except assets or liabilities held in a blind trust. This list shall include the following:
k. A list of all liabilities, excluding indebtedness on the filing person's primary personal residence, by type of creditor and debtor.

North Dakota

None

Ohio
102.01

(5) The names of all persons residing or transacting business in the state to whom the person filing the statement owes, in the person’s own name or in the name of any other person, more than one thousand dollars. Division (A)(5) of this section shall not be construed to require the disclosure of debts owed by the person resulting from the ordinary conduct of a business or profession or debts on the person’s residence or real property used primarily for personal recreation, except that the superintendent of financial institutions shall disclose the names of all state-chartered savings and loan associations and of all service corporations subject to regulation under division (E)(2) of section 1151.34 of the Revised Code to whom the superintendent in the superintendent’s own name or in the name of any other person owes any money, and that the superintendent and any deputy superintendent of banks shall disclose the names of all state-chartered banks and all bank subsidiary corporations subject to regulation under section 1109.44 of the Revised Code to whom the superintendent or deputy superintendent owes any money.

(6) The names of all persons residing or transacting business in the state, other than a depository excluded under division (A)(3) of this section, who owe more than one thousand dollars to the person filing the statement, either in the person’s own name or to any person for the person’s use or benefit. Division (A)(6) of this section shall not be construed to require the disclosure of clients of attorneys or persons licensed under section 4732.12 or 4732.15 of the Revised Code, or patients of persons certified under section 4731.14 of the Revised Code, nor the disclosure of debts owed to the person resulting from the ordinary conduct of a business or profession.

Oklahoma

None

Oregon
244.070

A public official or candidate shall report the following additional economic interest for the preceding calendar year only if the source of that interest is derived from an individual or business that has a legislative or administrative interest or that has been doing business, does business or could reasonably be expected to do business with the governmental agency of which the public official holds, or the candidate if elected would hold, an official position or over which the public official exercises, or the candidate if elected would exercise, any authority:

(1) Each person to whom the public official or candidate or a member of the household of the public official or candidate owes or has owed money in excess of $1,000, the interest rate on money owed and the date of the loan, except for debts owed to any federal or state regulated financial institution or retail contracts.

Pennsylvania
PCS Title 65
Chapter 11
1105

(4) The name and address of each creditor to whom is owed in excess of $6,500 and the interest rate thereon. However, loans or credit extended between members of the immediate family and mortgages securing real property which is the principal or secondary residence of the person filing shall not be included.

Puerto Rico

N/A

Rhode Island
36-14-1

(8) Identification of any person, business entity, financial institution or other organization to whom the person was indebted at any time during the calendar year for which the statement is required in an amount in excess of one thousand dollars ($1,000) other than:

   (A) Any person related to the person at any time within the third degree of consanguinity or affinity; or

   (B) Any transactions involving credit cards; or

   (C) Any indebtedness to a financial institution, licensed and regulated by any state or by the United States, which is secured solely by a mortgage of record on real property used exclusively as the principal residence of the person required to file the statement.

   (ii) This section does not require the reporting of the amount or amounts of the indebtedness or the payment record of the loans.

South Carolina