Except as provided in Subsection (5), a public officer or public employee who is an officer, director, agent, employee, or owner of a substantial interest in any business entity that is subject to the regulation of the agency by which the public officer or public employee is employed shall disclose any position held in the entity and the precise nature and value of the public officer’s or public employee’s interest in the entity:
Terms Used In Utah Code 67-16-7
Agency: means :
(a)
any department, division, agency, commission, board, council, committee, authority, or any other institution of the state or any of its political subdivisions; or
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Business entity: means a sole proprietorship, partnership, association, joint venture, corporation, firm, trust, foundation, or other organization or entity used in carrying on a business. See Utah Code 67-16-3
Political subdivision: means a district, school district, or any other political subdivision of the state that is not an agency, but does not include a municipality or a county. See Utah Code 67-16-3
Public employee: means a person who is not a public officer who is employed on a full-time, part-time, or contract basis by:
Substantial interest: means the ownership, either legally or equitably, by an individual, the individual's spouse, or the individual's minor children, of at least 10% of the outstanding capital stock of a corporation or a 10% interest in any other business entity. See Utah Code 67-16-3
(a)
upon first becoming a public officer or public employee;
(b)
whenever the public officer’s or public employee’s position in the business entity changes significantly; and
(c)
if the value of the public officer’s or public employee’s interest in the entity increases significantly.
(2)
The disclosure required under Subsection (1) shall be made in a sworn statement filed with:
(a)
for a public officer or a public employee of the state, the attorney general;
(b)
for a public officer or a public employee of a political subdivision, the chief governing body of the political subdivision;
(c)
the head of the agency with which the public officer or public employee is affiliated; and
(d)
for a public employee, the public employee’s immediate supervisor.
(3)
(a)
This section does not apply to instances where the total value of the substantial interest does not exceed $2,000.
(b)
A life insurance policy or an annuity is not required to be considered in determining the value of a substantial interest under this section.
(4)
A disclosure made under this section is a public record and a person with whom a disclosure is filed under Subsection (2) shall make the disclosure available for public inspection.
(5)
A public officer is not required to file a disclosure under this section if the public officer files a disclosure under Section 20A-11-1604.
