§1124.2. Financial disclosure; certain elected officials; members of certain boards and
commissions; ethics administrator
A. Each of the following, except a person who is required to file a financial
statement pursuant to R.S. 42:1124, shall annually file a financial statement as provided in
this Section:
(1) Each member of the state legislature.
(2) Each person holding a public office who represents a voting district having a
population of five thousand or more persons.
(3) Each member of the Board of Ethics and the ethics administrator.
(4) Each member of the State Board of Elementary and Secondary Education.
(5) The superintendent of the Recovery School District.
(6) The executive director of the Louisiana Housing Corporation.
(7) Each member of the Board of Pardons.
B.(1) The financial statement required by this Section shall be filed by May fifteenth
of each year during which the person holds an office or position included in Subsection A
of this Section and, except as provided in Paragraph (3) of this Subsection, by May fifteenth
of the year following the termination of the holding of such office or position. The financial
statement shall include the information required by Subsection C of this Section for the
preceding calendar year.
(2)(a) Notwithstanding the provisions of Paragraph (1) of this Subsection, the
financial statement required by this Section may be filed within thirty days after the
individual files his federal tax return for the year on which he is reporting, taking into
consideration any extensions filed by the individual, provided that he notifies the Board of
Ethics prior to the deadline provided in Paragraph (1) of this Subsection of his intention to
do so and of the deadline for filing his federal tax return pursuant to the extension filed.
(b) An individual who has notified the Board of Ethics pursuant to Subparagraph (a)
of this Paragraph and who does not file his financial statement within thirty days after the
expiration of the original extension, shall notify the Board of Ethics of each extension he is
granted beyond the original extension and the length of the extension until the required
financial statement is filed. An individual shall file each notification required by this
Subparagraph within thirty days after the expiration of the prior extension.
(3) Notwithstanding the provisions of Paragraph (1) of this Subsection, if the holding
of the office or position terminates in the month of January, the person shall not be required
to file a financial statement pursuant to this Section in the year following the termination of
the holding of the office or position if the person files a financial statement by May fifteenth
of the year in which the holding of the office or position terminated containing the
information required by Subsection C of this Section for the period in which the person held
the office or position during that year.
C. The financial statement required by this Section shall be filed on a form
prescribed by the Board of Ethics and shall include the following information:
(1) The full name and mailing address of the individual who is required to file.
(2) The full name of the individual's spouse, if any, and the spouse's occupation and
principal business address.
(3) The name of the employer, job title, and a brief job description of each full-time
or part-time employment position held by the individual or spouse.
(4)(a) The name, address, brief description of, and nature of association with and the
amount of interest in each business in which the individual or spouse is a director, officer,
owner, partner, member, or trustee, and in which the individual or spouse, either individually
or collectively, owns an interest which exceeds ten percent of that business.
(b) The name, address, brief description of, and nature of association with a nonprofit
organization in which the individual or spouse is a director or officer.
(5)(a)(i) The name, address, type, and amount of each source of income received by
the individual or spouse, or by any business in which the individual or spouse, either
individually or collectively, owns an interest which exceeds ten percent of that business,
which is received from any of the following:
(aa) The state or any political subdivision as defined in Article VI of the Constitution
of Louisiana.
(bb) Services performed for or in connection with a gaming interest as defined in
R.S. 18:1505.2(L)(3)(a).
(ii) Notwithstanding the provisions of Subsection D of this Section, amounts
reported pursuant to this Subparagraph shall be reported by specific amount rather than by
category of value.
(b) The name and address of any employer which provides income to the individual
or spouse pursuant to the full-time or part-time employment of the individual or spouse,
including a brief description of the nature of the services rendered pursuant to such
employment and the amount of such income, excluding information required to be reported
pursuant to Subparagraph (a) of this Paragraph.
(c) The name and address of all businesses which provide income to the individual
or spouse, including a brief description of the nature of services rendered for each business
or of the reason such income was received, and the aggregate amount of such income,
excluding information required to be reported pursuant to Subparagraph (a) or (b) of this
Paragraph.
(d) A description of the type of any other income, exceeding one thousand dollars
received by the individual or spouse, including a brief description of the nature of the
services rendered for the income or the reason such income was received, and the amount
of income, excluding information required to be reported pursuant to Subparagraph (a), (b),
or (c) of this Paragraph.
(6) A brief description, fair market value or use value as determined by the assessor
for purposes of ad valorem taxes, and the location by state and parish or county of each
parcel of immovable property in which the individual or spouse, either individually or
collectively, has an interest, provided that the value of the interest that the individual or
spouse, either individually or collectively, has in the parcel of immovable property exceeds
five thousand dollars.
(7) The name and a brief description of each investment security having a value
exceeding five thousand dollars held by the individual or spouse excluding variable
annuities, variable life insurance, variable universal life insurance, whole life insurance, any
other life insurance product, mutual funds, exchange-traded funds, education investment
accounts, retirement investment accounts, government bonds, and cash or cash equivalent
investments. This Paragraph shall not be deemed to require disclosure of information
concerning any property held and administered for any person other than the individual or
spouse under a trust, tutorship, curatorship, or other custodial instrument.
(8) A brief description, amount, and date of any purchase or sale by the individual
or spouse, in excess of five thousand dollars, of any immovable property and of any
personally owned tax credit certificates, stocks, bonds, or commodities futures, including any
option to acquire or dispose of any immovable property or of any personally owned tax credit
certificates, stocks, bonds, or commodities futures. This Paragraph shall not be deemed to
require disclosure of information concerning variable annuities, variable life insurance,
variable universal life insurance, whole life insurance, any other life insurance product,
mutual funds, exchange-traded funds, education investment accounts, retirement investment
accounts, government bonds, cash, or cash equivalent investments.
(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.
(10) A certification that such individual has filed his federal and state income tax
returns, or has filed for an extension of time for filing such tax returns.
D. When an amount is required to be disclosed pursuant to this Section, it shall be
sufficient to report the amount by the following categories:
(a) Category I, less than $10,000.
(b) Category II, $10,000 to $49,999.
(c) Category III, $50,000 to $100,000.
(d) Category IV, more than $100,000.
E. The financial statement shall be filed electronically with the Board of Ethics
through the Board of Ethics Computerized Data Management System and shall be
accompanied by the certification of the individual filing it certifying that the information
contained in the financial statement is true and correct to the best of his knowledge,
information, and belief. The financial statement shall be a public record, subject to the
provisions of Chapter 1 of Title 44 of the Louisiana Revised Statutes of 1950.
F.(1) For purposes of this Section, an individual or spouse shall not transfer any
asset, interest, or liability required to be disclosed pursuant to this Section to any person or
business for the purpose of avoiding disclosure, unless such transfer is irrevocable. A
transfer shall not be irrevocable if there exists any contract, letter, counter letter, note, or any
other legally enforceable agreement or authority which if exercised or enforced would require
or authorize any asset, interest, or liability transferred by an individual or spouse to a person
or business to revert back to such individual or spouse.
(2)(a) The sale of property subject to owner financing shall not be a transfer
prohibited by Paragraph (1) of this Subsection provided that the income from the sale is
disclosed in accordance with the provisions of this Section.
(b) A recorded bond for deed contract shall not be a transfer prohibited by Paragraph
(1) of this Subsection.
G. For purposes of this Section, the following words shall have the following
meanings:
(1) "Business" shall have the same meaning as provided in R.S. 42:1124.
(2)(a) "Income" for a business shall mean gross income less both of the following:
(i) Costs of goods sold.
(ii) Operating expenses.
(b) "Income" for an individual shall mean taxable income and shall not include any
income received pursuant to a life insurance policy.
(3) "Public office" shall have the same meaning as provided in R.S. 18:1483.
(4) Repealed by Acts 2008, No. 472, §3, Jan. 1, 2009.
H. Relative to members of the legislature, the Board of Ethics shall promptly notify
the clerical officer of the house of the legislature to which a member is elected of all
violations of the provisions of this Section.
I. Nothing in this Section shall require the disclosure or reporting of income derived
from child support and alimony payments contained in a court order or from the reporting
or disclosure of income derived from disability payments from any source.
Acts 2008, 1st Ex. Sess., No. 1, §2, eff. Jan. 1, 2009; Acts 2008, No. 162, §1, eff. Jan.
1, 2009; Acts 2008, No. 472, §§1, 3, eff. Jan. 1, 2009; Acts 2011, No. 333, §2; Acts 2011,
No. 408, §2, eff. July 5, 2011; Acts 2012, No. 574, §2, eff. Jan. 1, 2013; Acts 2012, No. 714,
§2; Acts 2014, No. 612, §1, eff. Jan. 1, 2015; Acts 2014, No. 656, §1; Acts 2016, No. 427,
§1, eff. Jan. 1, 2017; Acts 2024, No. 282, §1, eff. Jan. 1, 2025; Acts 2025, No. 301, §1, eff.
June 11, 2025.