Senate Bill text for SB0250

SENATE BILL 250

49th legislature - STATE OF NEW MEXICO - second session, 2010

INTRODUCED BY

Gerald Ortiz y Pino

AN ACT

RELATING TO PUBLIC FINANCE; ESTABLISHING DUTIES AND OBLIGATIONS OF THE STATE BOARD OF FINANCE AND THE STATE TREASURER; REQUIRING REPORTING FOR STATEWIDE ELECTIVE OFFICES AND PROHIBITING CONTRIBUTIONS FROM CERTAIN DONORS TO A PERSON IN OR RUNNING FOR STATEWIDE PUBLIC OFFICE; DECLARING AN EMERGENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 6-1-1 NMSA 1978 (being Laws 1923, Chapter 76, Section 3, as amended) is amended to read:

"6-1-1. MEMBERSHIP OF STATE BOARD OF FINANCE--POWERS AND DUTIES--ESTABLISHMENT IN CONNECTION WITH THE BOARD OF FINANCE DIVISION OF THE DEPARTMENT OF FINANCE AND ADMINISTRATION.--

A. The state board of finance shall consist of seven members:

(1) the governor;

(2) the lieutenant governor;

(3) the state treasurer; and

(4) four members appointed by the governor with the advice and consent of the senate, subject to the following conditions:

(a) no more than two of these members [to] shall be from the same political party; and

(b) one member shall have no fewer than three years of professional experience in the field of finance or investments.

B. The terms of office for members appointed by the governor shall be two years. The term of each remaining member shall be coextensive with [his] the member's term of office. If the office of lieutenant governor becomes vacant, [his] the lieutenant governor's position on the state board of finance shall remain vacant until the election and qualification of a new lieutenant governor.

C. Members of the state board of finance, other than the governor and the state treasurer, shall be reimbursed for attending meetings of the board as provided in the Per Diem and Mileage Act and shall receive no other compensation, perquisite or allowance.

D. The governor shall be president of the state board of finance, and the board shall annually elect a secretary from its membership. Meetings of the board shall be held at the state capitol at times determined by the governor. Four voting members of the board constitute a quorum for the transaction of business. Minutes of all proceedings and transactions of the board shall be kept in the offices of the department of finance and administration.

E. The state board of finance, in addition to other powers and duties provided by law, has general supervision of the fiscal affairs of the state and of the safekeeping, investing and depositing of all money and securities belonging to or in the custody of the state, and it may make rules [and regulations] for carrying out the provisions of Sections 6-1-1, 6-10-2, 6-10-3, 6-10-10, 6-10-10.1, 6-10-20, 6-10-21, 6-10-25, 6-10-29, 6-10-37 through 6-10-44, 6-10-46, 6-10-47, 6-10-50, 6-10-52 through 6-10-54, 6-10-58 and 6-10-61 NMSA 1978. The state board of finance may:

(1) adopt policies and enact rules concerning:

(a) procedures for investing and handling state money and money entrusted to the state for investment by the state treasurer pursuant to law;

(b) relationships with investment advisors or broker dealers who work with the state treasurer's office, including establishing standards for the use, qualification, supervision, compensation and regulation of investment advisors and broker dealers;

(d) the establishment of public and internal reporting and other requirements to increase public access to information about the activities of the state treasurer's office and to assist the state board of finance in supervising compliance with the rules adopted pursuant to this section;

(2) recommend to the legislature proposed changes in statutes governing the deposit and investment of public funds;

(3) establish and supervise a whistleblower program that will solicit information regarding the activities of the state treasurer's office;

(4) hire an independent auditor to perform a fiduciary audit of the state treasurer's office;

(5) undertake investigations that it deems necessary to enable it to perform the duties imposed on it by law; and

(6) instruct the director of the board of finance division of the department of finance and administration to employ experts, auditors, accountants and attorneys as required, to set forth their duties and to fix their compensation within the appropriations made for that purpose by the legislature for use by the state board of finance.

F. The state board of finance shall have access to all reports and correspondence relating to the condition of banks and of savings and loan associations whose deposits are insured by an agency of the United States, in this state [which] that are in the possession of the financial institutions division of the regulation and licensing department or any department or agency of the state. If the board deems action necessary to enable it to perform its duties, it may require the director of the financial institutions division to make a special examination of any state bank or trust company or any state savings and loan association whose deposits are insured by an agency of the United States.

[F. The state board of finance may make investigations it deems necessary to enable it to perform the duties imposed on it by law and may instruct the director of the board of finance division to employ experts, auditors, accountants and attorneys as it may, from time to time, deem necessary and prescribe their duties and fix their compensation within the appropriations made for that purpose by the legislature for use by the board.]

G. The state board of finance is established in connection with the board of finance division of the department of finance and administration. The secretary of finance and administration, with the approval of the board, shall appoint a director of the division. This subsection shall not be construed to affect the exercise of any board power or duty nor shall it be construed as placing the board under the provisions of the Executive Reorganization Act or the provisions of Section 9-6-5 NMSA 1978.

H. The state board of finance shall accept reports of contributions accepted by all holders of statewide elected offices and all candidates for statewide elected offices and shall oversee campaign contributions to holders of and candidates for statewide public offices. The state board of finance may prohibit a holder of or candidate for statewide public office from participating in a decision affecting a contributor."

Section 2. A new Section 6-1-1.1 NMSA 1978 is enacted to read:

"6-1-1.1. [NEW MATERIAL] STATE TREASURER'S INVESTMENT COMMITTEE.--

A. The "state treasurer's investment committee" is created and shall consist of the following five members:

(1) the state treasurer;

(2) one member of the state board of finance appointed by the chair of the state board of finance;

(3) the director of the board of finance division of the department of finance and administration; and

(4) two public members.

B. One public member shall be selected by the state treasurer and may be a representative from an entity that has funds deposited with the state treasurer, and the second public member shall be selected by the state board of finance. The public members shall have at least three years of professional experience in the field of finance or investments.

C. A public member of the state treasurer's investment committee shall:

(1) serve a term of two years from the date of the public member's appointment; and

(2) be reimbursed for attending meetings of the state treasurer's investment committee as provided in the Per Diem and Mileage Act and shall receive no other compensation.

D. The state treasurer's investment committee shall:

(1) periodically review the state treasurer's investment policies and recommend modifications as needed;

(2) provide advice to the state treasurer regarding the selection of investments;

(3) identify potential violations of the law and of the state treasurer's rules adopted by the state board of finance, report potential violations to the state board of finance and suggest remedial action to achieve conformity with the applicable laws, policies and rules;

(4) provide periodic reports as required by the state board of finance concerning the activities of the state treasurer's office and investment of public funds under the state treasurer's control; and

(5) meet monthly and shall be subject to the Open Meetings Act.

E. The state treasurer's investment committee may appoint an advisory committee that may include representatives from state agencies and local public bodies that have funds deposited with the state."

Section 3. [NEW MATERIAL] CAMPAIGN CONTRIBUTIONS TO THE GOVERNOR--CONFLICTS OF INTEREST--FINANCIAL DISCLOSURE.--

A. In addition to the requirements of the Campaign Reporting Act, within thirty days after receiving campaign contributions totaling two hundred fifty dollars ($250) or more from the same contributor, the governor or a candidate for the office of the governor shall file with the state board of finance a report disclosing the contributions. The report shall identify:

(1) the name and address of the contributor;

(2) the occupation and business name of the contributor;

(3) the name of the employer of the contributor;

(4) the amount or value of the contributions;

(5) the date of the contributions;

(6) a statement as to whether the contributor performs or seeks to perform business directly or indirectly with the office of the governor; and

(7) whether a person who resides in the household of the contributor, a family member or employee of the contributor or the contributor's employer performs or seeks to perform business directly or indirectly with the office of the governor.

B. The state board of finance may prohibit the governor from personally participating directly or indirectly in a decision affecting a contributor reported pursuant to Subsection A of this section or affecting a person who resides in the household of the contributor, is a family member or employee of the contributor or is the contributor's employer. In the event that the governor is prohibited from participating in a decision pursuant to this subsection, the governor shall recuse herself or himself, leave the meeting at which the discussion and decision are to take place and appoint one qualified member of the governor's staff, who has no relationship with the contributor, or to the contribution to participate in the meeting as a proxy or to aid in making the decision.

C. The governor or any person employed by the office of the governor shall not solicit, receive or accept campaign contributions or any other thing of value directly or indirectly from a person who:

(1) has a current contract with the state office;

(2) is a potential bidder, offeror or contractor for the provision of services to the office of the governor;

(3) is an organization, association or other legal entity having a membership that includes persons described in this subsection; or

(4) is an employee of the office of the governor.

D. The governor and each employee of the office of the governor shall file an annual report with the state board of finance disclosing all personal, financial or business relationships with banks, financial institutions, financial advisers or persons who perform or seek to perform business with the office of the governor. The report shall include:

(1) the name and address of the person with whom the relationship exists;

(2) the business affiliation of the person with whom the relationship exists;

(3) a statement as to whether the person with whom the relationship exists performs or seeks to perform business directly or indirectly with the office of the governor; and

(4) the nature of the relationship between the office of the governor or employee of the office of the governor and the person with whom the relationship exists.

E. As used in this section:

(1) "relationship" means a direct or indirect financial interest or a direct or indirect personal or business relationship, including handling of the financial or investment accounts of the person making the report or a member of the family or household of that person; and

(2) "thing of value" includes a contribution to a charitable or other organization, exempting only contributions to recognized political campaign organizations.

Section 4. A new section of Chapter 8, Article 3 NMSA 1978 is enacted to read:

"[NEW MATERIAL] LIEUTENANT GOVERNOR CAMPAIGN CONTRIBUTIONS--CONFLICTS OF INTEREST--FINANCIAL DISCLOSURE.--

A. In addition to the requirements of the Campaign Reporting Act, within thirty days after receiving campaign contributions totaling two hundred fifty dollars ($250) or more from the same contributor, the lieutenant governor or a candidate for the office of the lieutenant governor shall file with the state board of finance a report disclosing the contributions. The report shall identify:

(1) the name and address of the contributor;

(2) the occupation and business name of the contributor;

(3) the name of the employer of the contributor;

(4) the amount or value of the contributions;

(5) the date of the contributions;

(6) a statement as to whether the contributor performs or seeks to perform business directly or indirectly with the lieutenant governor's office; and

B. The state board of finance may prohibit the lieutenant governor from personally participating directly or indirectly in a decision affecting a contributor reported pursuant to Subsection A of this section or affecting a person who resides in the household of the contributor, is a family member or employee of the contributor or is the contributor's employer. In the event that the lieutenant governor is prohibited from participating in a decision pursuant to this subsection, the lieutenant governor shall recuse herself or himself, leave the meeting at which the discussion and decision are to take place and appoint one qualified member of the state treasurer's staff, who has no relationship with the contributor or to the contribution, to participate in the meeting as a proxy or to aid in making the decision.

C. The lieutenant governor or any person employed by the lieutenant governor's office shall not solicit, receive or accept campaign contributions or any other thing of value directly or indirectly from a person who:

(1) has a current contract with the state treasurer's office;

(2) is a potential bidder, offeror or contractor for the provision of services to the state treasurer's office;

(3) is an organization, association or other legal entity having a membership that includes persons described in this subsection; or

(4) is an employee of the lieutenant governor's office.

D. The lieutenant governor and each employee of the lieutenant governor's office as designated by the lieutenant governor shall file an annual report with the state board of finance disclosing all personal, financial or business relationships with banks, financial institutions, financial advisers or persons who perform or seek to perform business with the lieutenant governor's office. The report shall include:

(1) the name and address of the person with whom the relationship exists;

(2) the business affiliation of the person with whom the relationship exists;

(3) a statement as to whether the person with whom the relationship exists directly or indirectly performs or seeks to perform business with the lieutenant governor's office; and

(4) the nature of the relationship between the lieutenant governor's or employee of the lieutenant governor's office and the person with whom the relationship exists.

E. As used in this section:

(2) "thing of value" includes a contribution to a charitable or other organization, exempting only contributions to recognized political campaign organizations."

Section 5. A new section of Chapter 8, Article 4 NMSA 1978 is enacted to read:

"[NEW MATERIAL] SECRETARY OF STATE CAMPAIGN CONTRIBUTIONS--CONFLICTS OF INTEREST--FINANCIAL DISCLOSURE.--

A. In addition to the requirements of the Campaign Reporting Act, within thirty days after receiving campaign contributions totaling two hundred fifty dollars ($250) or more from the same contributor, the secretary of state or a candidate for the office of secretary of state shall file with the state board of finance a report disclosing the contributions. The report shall identify:

(1) the name and address of the contributor;

(2) the occupation and business name of the contributor;

(3) the name of the employer of the contributor;

(4) the amount or value of the contributions;

(5) the date of the contributions;

(6) a statement as to whether the contributor performs or seeks to perform business directly or indirectly with the office of the secretary of state; and

B. The state board of finance may prohibit the secretary of state from personally participating directly or indirectly in a decision affecting a contributor reported pursuant to Subsection A of this section or affecting a person who resides in the household of the contributor, is a family member or employee of the contributor or is the contributor's employer. In the event that the secretary of state is prohibited from participating in a decision pursuant to this subsection, the secretary of state shall recuse herself or himself, leave the meeting at which the discussion and decision are to take place and appoint one qualified member of the secretary of state's staff, who has no relationship with the contributor or to the contribution, to participate in the meeting as a proxy or to aid in making the decision.

C. The secretary of state or any person employed by the office of the secretary of state shall not solicit, receive or accept campaign contributions or any other thing of value directly or indirectly from a person who:

(1) has a current contract with the office of the secretary of state;

(2) is a potential bidder, offeror or contractor for the provision of services to the office of the secretary of state;

(3) is an organization, association or other legal entity having a membership that includes persons described in this subsection; or

(4) is an employee of the office of the secretary of state.

D. The secretary of state and each employee of the office of the secretary of state as designated by the secretary of state shall file an annual report with the state board of finance disclosing all personal, financial or business relationships with banks, financial institutions, financial advisers or persons who perform or seek to perform business with the state board of finance. The report shall include:

(1) the name and address of the person with whom the relationship exists;

(2) the business affiliation of the person with whom the relationship exists;

(3) a statement as to whether the person with whom the relationship exists performs or seeks to perform business directly or indirectly with the office of the secretary of state; and

(4) the nature of the relationship between the secretary of state or employee of the office of the secretary of state and the person with whom the relationship exists.

E. As used in this section:

(2) "thing of value" includes a contribution to a charitable or other organization, exempting only contributions to recognized political campaign organizations."

Section 6. A new section of Chapter 8, Article 5 NMSA 1978 is enacted to read:

"[NEW MATERIAL] ATTORNEY GENERAL CAMPAIGN CONTRIBUTIONS-- CONFLICTS OF INTEREST--FINANCIAL DISCLOSURE.--

A. In addition to the requirements of the Campaign Reporting Act, within thirty days after receiving campaign contributions totaling two hundred fifty dollars ($250) or more from the same contributor, the attorney general or a candidate for the office of attorney general shall file with the state board of finance a report disclosing the contributions. The report shall identify:

(1) the name and address of the contributor;

(2) the occupation and business name of the contributor;

(3) the name of the employer of the contributor;

(4) the amount or value of the contributions;

(5) the date of the contributions;

(6) a statement as to whether the contributor performs or seeks to perform business directly or indirectly with the attorney general's office; and

B. The state board of finance may prohibit the attorney general from personally participating directly or indirectly in a decision affecting a contributor reported pursuant to Subsection A of this section or affecting a person who resides in the household of the contributor, is a family member or employee of the contributor or is the contributor's employer. In the event that the attorney general is prohibited from participating in a decision pursuant to this subsection, the attorney general shall recuse herself or himself, leave the meeting at which the discussion and decision are to take place and appoint one qualified member of the attorney general's staff, who has no relationship with the contributor or to the contribution, to participate in the meeting as a proxy or to aid in making the decision.

C. The attorney general or any person employed by the attorney general's office shall not solicit, receive or accept campaign contributions or any other thing of value directly or indirectly from a person who:

(1) has a current contract with the attorney general's office;

(2) is a potential bidder, offeror or contractor for the provision of services to the attorney general's office;

(3) is an organization, association or other legal entity having a membership that includes persons described in this subsection; or

(4) is an employee of the attorney general's office.

D. The attorney general and each employee of the attorney general's office as designated by the attorney general shall file an annual report with the state board of finance disclosing all personal, financial or business relationships with banks, financial institutions, financial advisers or persons who perform or seek to perform business with the attorney general's office. The report shall include:

(1) the name and address of the person with whom the relationship exists;

(2) the business affiliation of the person with whom the relationship exists;

(3) a statement as to whether the person with whom the relationship exists performs or seeks to perform business directly or indirectly with the attorney general's office; and

(4) the nature of the relationship between the attorney general or employee of the attorney general's office and the person with whom the relationship exists.

E. As used in this section:

(2) "thing of value" includes a contribution to a charitable or other organization, exempting only contributions to recognized political campaign organizations."

Section 7. A new section of Chapter 8, Article 6 NMSA 1978 is enacted to read:

"[NEW MATERIAL] STATE AUDITOR CAMPAIGN CONTRIBUTIONS--CONFLICTS OF INTEREST--FINANCIAL DISCLOSURE.--

A. In addition to the requirements of the Campaign Reporting Act, within thirty days after receiving campaign contributions totaling two hundred fifty dollars ($250) or more from the same contributor, the state auditor or a candidate for the office of state auditor shall file with the state board of finance a report disclosing the contributions. The report shall identify:

(1) the name and address of the contributor;

(2) the occupation and business name of the contributor;

(3) the name of the employer of the contributor;

(4) the amount or value of the contributions;

(5) the date of the contributions;

(6) a statement as to whether the contributor performs or seeks to perform business directly or indirectly with the state auditor's office; and

B. The state board of finance may prohibit the state auditor from personally participating directly or indirectly in a decision affecting a contributor reported pursuant to Subsection A of this section or affecting a person who resides in the household of the contributor, is a family member or employee of the contributor or is the contributor's employer. In the event that the state auditor is prohibited from participating in a decision pursuant to this subsection, the state auditor shall recuse herself or himself, leave the meeting at which the discussion and decision are to take place and appoint one qualified member of the state auditor's staff, who has no relationship with the contributor or to the contribution, to participate in the meeting as a proxy or to aid in making the decision.

C. The state auditor or any person employed by the state auditor's office shall not solicit, receive or accept campaign contributions or any other thing of value directly or indirectly from a person who:

(1) has a current contract with the state auditor's office;

(2) is a potential bidder, offeror or contractor for the provision of services to the state auditor's office;

(3) is an organization, association or other legal entity having a membership that includes persons described in this subsection; or

(4) is an employee of the state auditor's office.

D. The state auditor and each employee of the state auditor's office as designated by the state auditor shall file an annual report with the state board of finance disclosing all personal, financial or business relationships with banks, financial institutions, financial advisers or persons who perform or seek to perform business with the state auditor's office. The report shall include:

(1) the name and address of the person with whom the relationship exists;

(2) the business affiliation of the person with whom the relationship exists;

(3) a statement as to whether the person with whom the relationship exists performs or seeks to perform business directly or indirectly with the state auditor's office; and

(4) the nature of the relationship between the state auditor or employee of the state auditor's office and the person with whom the relationship exists.

E. As used in this section:

(2) "thing of value" includes a contribution to a charitable or other organization, exempting only contributions to recognized political campaign organizations."

Section 8. Section 8-6-3 NMSA 1978 (being Laws 1851-1852, Page 170, as amended) is amended to read:

"8-6-3. DUTIES OF TREASURER--RECEIPTS.--

A. The state treasurer shall receive and keep all [moneys] money of the state except when otherwise specially provided; disburse the public money upon warrants drawn according to law and not otherwise; keep a just, true and comprehensive account of all [moneys] money received and disbursed; render [his] the state treasurer's accounts to the [division of] financial control division of the department of finance and administration annually, or [oftener] more often if required; and report to the legislature, at the commencement of each regular session, a detailed statement of the condition of the treasury. [He] The state treasurer shall grant duplicate receipts for all [sums of] money [which shall be] paid into the treasury and the person receiving the [same] duplicate receipts shall deposit one with the [division of] financial control [who] division, which shall credit [such] the person accordingly and charge the treasurer.

B. The state treasurer shall comply with all directives, requirements and policies made applicable to the state treasurer's office by the state board of finance pursuant to the board's authority granted by law."

Section 9. A new Section 8-6-8 NMSA 1978 is enacted to read:

"8-6-8. [NEW MATERIAL] STATE TREASURER CAMPAIGN CONTRIBUTIONS--CONFLICTS OF INTEREST--FINANCIAL DISCLOSURE.--

A. In addition to the requirements of the Campaign Reporting Act, within thirty days after receiving campaign contributions totaling two hundred fifty dollars ($250) or more from the same contributor, the state treasurer or a candidate for the office of state treasurer shall file with the state board of finance a report disclosing the contributions. The report shall identify:

(1) the name and address of the contributor;

(2) the occupation and business name of the contributor;

(3) the name of the employer of the contributor;

(4) the amount or value of the contributions;

(5) the date of the contributions;

(6) a statement as to whether the contributor performs or seeks to perform business directly or indirectly with the state treasurer's office; and

B. The state board of finance may prohibit the state treasurer from personally participating directly or indirectly in a decision affecting a contributor reported pursuant to Subsection A of this section or affecting a person who resides in the household of the contributor, is a family member or employee of the contributor or is the contributor's employer. In the event that the state treasurer is prohibited from participating in a decision pursuant to this subsection, the state treasurer shall recuse herself or himself, leave the meeting at which the discussion and decision are to take place and appoint one qualified member of the state treasurer's staff, who has no relationship with the contributor or to the contribution, to participate in the meeting as a proxy or to aid in making the decision.

C. The state treasurer or any person employed by the state treasurer's office shall not solicit, receive or accept campaign contributions or any other thing of value directly or indirectly from a person who:

(1) has a current contract with the state treasurer's office;

(2) is a potential bidder, offeror or contractor for the provision of services to the state treasurer's office;

(3) is an organization, association or other legal entity having a membership that includes persons described in this subsection; or

(4) is an employee of the state treasurer's office.

D. The state treasurer and each employee of the state treasurer's office as designated by the state board of finance shall file an annual report with the state board of finance disclosing all personal, financial or business relationships with banks, financial institutions, financial advisers or persons who perform or seek to perform business with the state treasurer's office. The report shall include:

(1) the name and address of the person with whom the relationship exists;

(2) the business affiliation of the person with whom the relationship exists;

(3) a statement as to whether the person with whom the relationship exists directly or indirectly performs or seeks to perform business with the state treasurer's office; and

(4) the nature of the relationship between the state treasurer or employee of the state treasurer's office and the person with whom the relationship exists.

E. As used in this section:

(2) "thing of value" includes a contribution to a charitable or other organization, exempting only contributions to recognized political campaign organizations."

Section 10. A new section of Chapter 8, Article 8 NMSA 1978 is enacted to read:

"[NEW MATERIAL] CAMPAIGN CONTRIBUTIONS TO A PUBLIC REGULATION COMMISSIONER--CONFLICTS OF INTEREST--FINANCIAL DISCLOSURE.--

A. In addition to the requirements of the Campaign Reporting Act, within thirty days after receiving campaign contributions totaling two hundred fifty dollars ($250) or more from the same contributor, a public regulation commissioner or a candidate for the office of public regulation commissioner shall file with the state board of finance a report disclosing the contributions. The report shall identify:

(1) the name and address of the contributor;

(2) the occupation and business name of the contributor;

(3) the name of the employer of the contributor;

(4) the amount or value of the contributions;

(5) the date of the contributions;

(6) a statement as to whether the contributor performs or seeks to perform business directly or indirectly with the public regulation commissioner's office; and

B. The state board of finance may prohibit a public regulation commissioner from personally participating directly or indirectly in a decision affecting a contributor reported pursuant to Subsection A of this section or affecting a person who resides in the household of the contributor, is a family member or employee of the contributor or is the contributor's employer. In the event that the commissioner is prohibited from participating in a decision pursuant to this subsection, the commissioner shall recuse herself or himself, leave the meeting at which the discussion and decision are to take place and appoint one qualified member of the public regulation commissioner's staff, who has no relationship with the contributor or to the contribution, to participate in the meeting as a proxy or to aid in making the decision.

C. The commissioner or any person employed by the public regulation commission shall not solicit, receive or accept campaign contributions or any other thing of value directly or indirectly from a person who:

(1) has a current contract with the public regulation commission;

(2) is a potential bidder, offeror or contractor for the provision of services to the public regulation commission;

(3) is an organization, association or other legal entity having a membership that includes persons described in this subsection; or

(4) is an employee of the public regulation commission.

D. A public regulation commissioner and each employee of the commissioner's office as designated by the commissioner shall file an annual report with the state board of finance disclosing all personal, financial or business relationships with banks, financial institutions, financial advisers or persons who perform or seek to perform business with the public regulation commission. The report shall include:

(1) the name and address of the person with whom the relationship exists;

(2) the business affiliation of the person with whom the relationship exists;

(3) a statement as to whether the person with whom the relationship exists performs or seeks to perform business directly or indirectly with the commissioner's office; and

(4) the nature of the relationship between the commissioner or employee of the commissioner's office and the person with whom the relationship exists.

E. As used in this section:

(2) "thing of value" includes a contribution to a charitable or other organization, exempting only contributions to recognized political campaign organizations."

Section 11. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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