WeVote
Log In

Bill

Bill

HF 2672

Statement of economic interest disclosure amended, and additional disclosure related to stock required.

2025-2026 Regular Session Introduced by Duane Quam

Expands and tightens disclosures for statements of economic interest by public officials, especially stock holdings over $10,000 and other financial interests, to increase transpar

Introduction and first reading, referred to Elections Finance and Government Operations
#elections #governmentaloperations-state
0
WeVote Research Nonpartisan
Bill Summary · HF 2672

Summary of HF 2672 (2025-2026) – Minnesota

Purpose

HF 2672 amends Minnesota Statutes to expand and clarify the disclosure requirements for statements of economic interest filed by public officials. The bill adds explicit stock disclosure requirements and adjusts the reporting framework to enhance transparency around financial interests that could affect public decision-making.

Key Provisions

  • Form and general requirements (Section 10A.09, Subd. 5)
    The statement of economic interest must be filed on a form prescribed by the MnGOP board (board referenced as the ethics board in practice). The bill maintains current categories but introduces specific enhancements related to stock ownership and other investments.

  • Expanded disclosure items (a)(1)–(8) and new (9)–(10) changes

    • (1) Personal identifying details: name, address, occupation, principal place of business.
    • (2) Listing of all associated businesses and nature of that association.
    • (3) Real property in Minnesota owned by the individual or spouse with specific thresholds:
    • Fee simple, mortgage, contract for deed, or option if interest exceeds $2,500; or
    • Option to buy if the property’s fair market value exceeds $50,000.
    • (4) Real property interests held through partnerships, with similar value thresholds ($2,500 for share; $50,000 FMV for option) and location details (address/municipality or legal description, county).
    • (5) Investments or interests connected with pari-mutuel horse racing (including racehorse) held directly or indirectly by the filer or a close family member.
    • (6) Principal business activity category for any business from which the filer or spouse earns more than $250 per month as an employee, provided there is a 25% or greater ownership interest.
    • (7) Principal business activity category for compensation over $2,500 in the past 12 months as an independent contractor.
    • (8) A listing of the full name of each security (stock or other security) with a value over $10,000 owned by the filer or spouse. This includes the date of purchase or sale if transactions occurred during the reporting period.

  • Stock and related disclosures (new emphasis)

    • (9) Explicitly requires listing of each stock with a value over $10,000, including purchase/sale dates if applicable.
    • The bill reworks prior language around “stock” to ensure stock holdings are clearly itemized.

  • Additional disclosure (a)(10) – government contracts and licenses
    A listing of any contract, professional license, lease, or franchise held by the filer, a spouse, or any business with 25% ownership, if the contract/license/lease is with the government agency to which the filer is appointed.

  • Definitions and interpretation (b)–(g)

    • Categories for business activity align with IRS Schedule C headings (for self-employment reporting). Interpretation notes clarify compensation calculations (c), property value (d), appointment date (e), and date of accepting public employment (f). Importantly, disclosures under (a)(3)–(9) must not reveal whether the filer or spouse is associated with a listed item (privacy-preserving caveat in line with existing policy).

Who is Affected

  • Minnesota public officials and local officials required to file a statement of economic interest under section 10A.09, subdivision 5.
  • Filers, their spouses, and entities in which the filer has a 25% or greater ownership interest.

Procedural and Timeline Aspects

  • Introduced and referred on March 24, 2025, to Elections Finance and Government Operations committee.
  • As a proposed amendment, it would modify the annual or periodic reporting requirements for statements of economic interest, with new disclosure thresholds and categories taking effect as implemented by the board following enactment.

Practical Impact

  • Increased transparency around stock holdings and other financial interests that could pose conflicts of interest.
  • More granular reporting thresholds (e.g., $10,000 stock value, $2,500/FMV thresholds for real estate) to capture material interests.
  • Clarified reporting categories to align with IRS self-employment classifications.
  • Potential administrative changes for the ethics board in form design and data collection.

If you want, I can compare HF 2672 to current statute language or provide a side-by-side checklist for filers.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.