(a) In this section, "restricted individual" means: (1) a spouse of the Governor; (2) a parent or stepparent of the Governor; (3) a sibling or stepsibling of the Governor; (4) a child, stepchild, foster child, or ward of the Governor; (5) a mother-in-law or father-in-law of the Governor; (6) a son-in-law or daughter-in-law of the Governor; (7) a grandparent of the Governor or the Governor's spouse; (8) a grandchild of the Governor; or (9) except for an employee of the Governor, any individual who resides in the Governor's primary residence. (b) (1) Within 6 months after taking the oath of office the Governor shall: (i) except as provided in regulations adopted by the Ethics Commission, place all of the Governor's interests into a certified blind trust approved by the Ethics Commission and operated in accordance with regulations adopted by the Ethics Commission; or (ii) divest any interest the Ethics Commission determines is necessary to resolve likely or potential conflicts of interest with the Governor's public duties. (2) For good cause shown, the Ethics Commission may extend the deadline to complete the establishment of the certified blind trust or divestiture by a reasonable amount of time. (3) The Ethics Commission shall post any approved certified blind trust and supporting documents on its website. (c) (1) The Governor shall appoint as the trustee of the blind trust a financial institution or an organization that has a minimum of 2 years of experience in trust management activities. (2) (i) Except as provided in subparagraph (ii) of this paragraph, the Governor may not receive from a trustee appointed under paragraph (1) of this subsection communications regarding management of or income from the blind trust as a trustor or beneficiary of the blind trust at any time during the Governor's term of office. (ii) The Governor may receive from a trustee appointed under paragraph (1) of this subsection communications necessary to prepare and file the Governor's personal income tax returns. (d) (1) The Governor may not fail to include any interest in a blind trust without the written approval of the Ethics Commission. (2) For any interest not included in a blind trust under paragraph (1) of this subsection, including an interest exempted under regulations adopted by the Ethics Commission under this section, the Governor shall enter into a nonparticipation agreement with the Ethics Commission that prohibits the Governor from participating in any way in a matter that involves the interest, including a matter before the Board of Public Works. (3) Notwithstanding §§ 5-301 and 5-303 of this title, the Ethics Commission shall: (i) post on its website any nonparticipation agreement entered into with the Governor; and (ii) provide a copy of any nonparticipation agreement entered into with the Governor to: 1. the presiding officers of the General Assembly; 2. the Joint Ethics Committee; and 3. the Executive Secretary and the General Counsel of the Board of Public Works. (4) By January 31 each year, the Governor shall certify to the Ethics Commission in a form required by the Ethics Commission that the Governor has: (i) obtained no new interests in the immediately preceding year that are not included in the blind trust; or (ii) entered into a nonparticipation agreement with the Ethics Commission for any new interest obtained in the immediately preceding year that was not included in the blind trust. (e) (1) This subsection applies to a business entity that the Governor or a restricted individual, together or separately, has: (i) for a corporation, 10% or more of the capital stock; or (ii) for a partnership, limited liability partnership, or limited liability corporation, any interest. (2) A business entity that seeks to obtain a State grant, competitive award, or contract, including a contract for the sale or purchase of real or personal property, shall report to the Ethics Commission in a form required by the Ethics Commission any interest held in the business entity by the Governor or a restricted individual. (3) The Ethics Commission shall post any report it receives under paragraph (2) of this subsection on its website. (f) (1) The Ethics Commission may grant an exemption to the requirement to place an interest in a blind trust under subsection (b) of this section. (2) In granting an exemption under paragraph (1) of this subsection, the Ethics Commission may consider issues it determines appropriate to prevent conflicts of interest, including whether the interest: (i) involves a closely held corporation or a family business; (ii) is readily marketable; (iii) has an impact unique to the Governor; or (iv) is subject to any restrictions or encumbrances. (g) If the Ethics Commission determines that the Governor has violated a provision of this section, the Ethics Commission may impose a fine not exceeding $5,000 for each violation. (h) The Ethics Commission shall adopt regulations to carry out this section, including regulations that establish standards and requirements for the types of interests that may be exempted from the requirement to place an interest in a blind trust under subsection (b) of this section.
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