924

LAWS OF MARYLAND

Ch. 21

former Article 43, § 568W(a)(2) to add paragraphs
(ii) and (iii).

Defined terms: "Commission" § 19-201
"Facility" § 19-201 "Person" § 1-101
"Includes"/"including" § 1-101

19-220. REPORT OF TRANSACTIONS WITH NONPROFIT FACILITY BY
TRUSTEE, DIRECTOR, OR OFFICER.

(A)   SCOPE OF SECTION.

THIS SECTION APPLIES TO EACH PERSON WHO IS
CONCURRENTLY:

(1)  A TRUSTEE, DIRECTOR, OR OFFICER OF ANY
NONPROFIT FACILITY IN THIS STATE; AND

(2)  AN EMPLOYEE, PARTNER, DIRECTOR, OFFICER, OR
BENEFICIAL OWNER OF 3 PERCENT OR MORE OF THE CAPITAL ACCOUNT
OR STOCK OF:

(I)  A PARTNERSHIP;

(II)  A FIRM;

(III)  A CORPORATION; OR

(IV)  ANY OTHER BUSINESS ENTITY.

(B)  REPORT REQUIRED.

EACH PERSON SPECIFIED IN SUBSECTION (A) OF THIS SECTION
SHALL FILE WITH THE COMMISSION AN ANNUAL REPORT THAT
DISCLOSES, IN DETAIL, EACH BUSINESS TRANSACTION BETWEEN ANY
BUSINESS ENTITY SPECIFIED IN SUBSECTION (A)(2) OF THIS
SECTION AND ANY FACILITY THAT THE PERSON SERVES AS SPECIFIED
IN SUBSECTION (A)(1) OF THIS SECTION, IF ANY OF THE
FOLLOWING IS $10,000 OR MORE A YEAR:

(1)  THE ACTUAL OR IMPUTED VALUE OR WORTH TO THE
BUSINESS ENTITY OF ANY TRANSACTION BETWEEN IT AND THE
FACILITY.

(2)  THE AMOUNT OF THE CONTRACT PRICE,
CONSIDERATION, OR OTHER ADVANCES BY THE FACILITY AS PART OF
THE TRANSACTION.

(C)  FILING REQUIREMENTS.

A REPORT UNDER THIS SECTION SHALL BE:

(1)   SIGNED AND VERIFIED; AND

(2)  FILED IN ACCORDANCE WITH THE PROCEDURES AND