HB 4381 Summary

• Establishes the "Financial Disclosure Act" requiring state and local officials and candidates for specified offices to file annual financial disclosure reports with the Bureau of Elections by May 1 each year.

• Candidates for state or local office must file disclosure reports within 30 days of the earliest of: filing candidacy documents, party nomination, receiving campaign contributions, or forming a candidate committee, but no later than 11 days before the election.

• Disclosure reports must include personal information, immediate family members, employers, earned income (over $1,000), other income sources (over $1,000), assets valued over $10,000, liabilities over $10,000, real property transactions over $1,000, and positions held in corporations or organizations.

• Allows redaction of specific information to protect personal safety and principal residence location; exempts certain items from reporting including mortgages, spousal income from marital dissolution, and Social Security benefits.

• Establishes penalties for late filing ($25-$100 per business day, capped at $1,000), and misdemeanor punishments (up to 90 days imprisonment or $1,000 fine) for filing incomplete or inaccurate reports or failing to file two required reports over 30 days.